Union Minister of State for Steel B Srinivasa Varma on Thursday said that the prospect of merging Visakhapatnam Steel Plant (VSP) with the Steel Authority of India (SAIL) will not arise. The SAIL had rejected the idea...
Cleveland-Cliffs eyeing all-cash bid for U.S. Steel, source says
Cleveland-Cliffs is partnering with peer Nucor to prepare a potential all-cash bid for U.S. Steel, with an offer in the high $30s per share, a person familiar with the matter said on Monday. Cliffs is aiming to purchase...
U.S. Steel’s thwarted merger, and a novel bid for recompense
“Thuggish tactics.” “Campaign of lies.” “Xenophobic.” “Befitting a mafia boss.” A sense of anger thrums throughout the lawsuit by U.S. Steel and Nippon Steel against rival steel maker Cleveland-Cliffs, its CEO and the...
Nippon, US Steel sue Biden admin for blocking merger
Nippon Steel and US Steel on Monday filed a federal lawsuit challenging the Biden administration’s decision to block a proposed nearly $15-billion deal for Japanese company to acquire the American steelmaker. and...
India steel ministry proposes KIOCL, NMDC merger: Govt official
The Indian steel ministry is proposing a merger between state-run KIOCL and NMDC, a government official said on Monday. Mining company NMDC aims to export iron ore pellets from KIOCL post the merger, the official told...
Nippon Steel offers US government veto power in bid for US Steel approval, source says
Japan’s Nippon Steel has proposed giving the U.S. government veto power over any potential cuts to U.S. Steel’s production capacity, as part of its efforts to secure President Joe Biden’s approval for...
President Biden to decide fate of Nippon Steel’s $15 billion bid for US Steel
Nippon Steel’s $15 billion bid for U.S. Steel has been referred to U.S. President Joe Biden, a White House spokesman said, giving the president 15 days to decide on a tie up he has previously said he opposes. The...
CCI clears Thyssenkrupp Electrical Steel India’s acquisition by JSW Steel’s JV arm
The Competition Commission of India (CCI) on Tuesday said it has approved four deals, including the acquisition of Thyssenkrupp Electrical Steel India by a subsidiary of a joint venture firm of JSW Steel and Japan’s JFE...
Japan PM Ishiba urges Biden to approve Nippon-US Steel deal, sources say
Japanese Prime Minister Shigeru Ishiba has sent a letter to President Joe Biden asking him to approve Nippon Steel’s acquisition of U.S. Steel, to avoid marring recent efforts to strengthen ties between the...
JSW Steel-JFE JV to acquire Thyssenkrupp Co for Rs 4kcr
A JSW Steel joint venture with Japan’s JFE Steel Corp will fully acquire Thyssenkrupp Electrical Steel (TKES) India for ₹4,051.40 crore. The 50:50 joint venture between the two steelmakers is also looking at...
Jindal Group in talks to acquire Czech-based Vitkovice Steel for 150 mn euros
To strengthen its global presence, homegrown Jindal Group is talks with Vitkovice Steel to acquire 100 per cent stake in the Czech-based company. The group is expected to complete the acquisition by the end of this...
Nippon Steel to sell Calvert JV to ArcelorMittal if U.S. Steel deal completed
Nippon Steel said on Friday it will sell its entire 50% stake in a joint-venture steel plant it has in Calvert, Alabama, with ArcelorMittal, if the top Japanese steelmaker succeeds in a buyout bid for United States...
