With its biggest stock overhang and a deal around its flagship asset in Indonesia close to being solved, the miner has said all options are open, even potentially a sale of the entire company.
The move comes two weeks after India's top court said ArcelorMittal's bid for Essar Steel would become valid only if the acquirer cleared outstanding debt of Uttam Galva Steels and KSS Petron.
State-owned miner Inalum said the $3.85 billion deal is still subject to the issue of environmental recommendations and a special mining permit (IUPK) by the Indonesian government.