Japan's biggest steelmaker Nippon Steel Corp. and multinational giant ArcelorMittal S.A. said Monday they have completed the purchase of Essar Steel India Ltd. for 500 billion rupees ($7 billion).ArcelorMittal now owns a 60 percent stake in Essar Steel, which was in insolvency proceedings and gained approval last month for its restructuring plan from the Indian top court, and Nippon Steel holds the remainder.The two steelmakers last year reached a basic agreement to buy Essar Steel, banking on potential demand for steel in the infrastructure-hungry South Asian country.Essar Steel, establish…READ FULL ARTICLE