ArcelorMittal had put in a bid for about Rs 310 billion to Rs 320 billion in the second round. : The revised bid for Essar Steel represents "unprecedented value" to creditors and demonstrates the company's serious commitment to India, creditor banks and all company stakeholders, ArcelorMittal said Tuesday. The remarks come a day after the leading global steel producer offered Rs 420 billion to acquire Essar Steel India Ltd (ESIL), upstaging a Rs 370 billion bid by Russia's VTB Group-backed NuMetal, in addition to Rs 70 billion it will pay to clear dues of Uttam Galva and KSS Petron.