The Cabinet Committee of Economic Affairs (CCEA) on January 27 gave ‘in-principle approval for 100 per cent disinvestment of government stake in Rashtriya Ispat Nigam Limited (RINL). The government on Friday...
Steel
A Bajaj JV, one of India’s oldest tie-ups, will get unstuck this week
One of India’s oldest manufacturing joint ventures that had the blessings of Mahatma Gandhi is finally getting unstuck. The Bajaj family has decided to buy out its partners, the Shah brothers Suketu and Rajesh, from the...
NMDC board approves de-merger of NMDC Steel
State-owned NMDC on Tuesday said its board has approved the de-merger of NMDC Steel Limited. In a BSE filing, NMDC said NMDC Steel is its wholly-owned subsidiary, which currently does not have any business operations...
Top steelmakers shortlisted for acquiring Neelachal Ispat
ArcelorMittal, the world’s largest steel company, Sajjan Jindal-led JSW Steel, Hyderabad-based Megha Engineering and Infrastructure Ltd (Meil) and Tata Steel are among firms that have been shortlisted for buying...
Tata Steel advances process of merger with Tata Steel BSL: N Chandrasekaran
The process to merge Tata Steel BSL with Tata Steel has been advanced, the steel major’s Chairman N Chandrasekaran said on Wednesday. Tata Steel had won the bid to acquire debt-laden Bhushan Steel Ltd (BSL) in...
Chhattisgarh steel plant demerger to be completed in Q3: NMDC
NMDC Limited is expecting the demerger of its three-million tonne per annum capacity steel plant being set up in Chhattisgarh to be completed by the third quarter of the current fiscal, a senior official of the state...
Pramod Mittal’s bankruptcy case in UK gets extended
Billionaire steel magnate Lakshmi Mittal’s younger brother Pramod Mittal was due to be automatically freed from bankruptcy in Britain on Wednesday but has had his bankruptcy suddenly extended by the London high court...
Thyssenkrupp open to idea of German steel merger – CEO Steel Europe
Thyssenkrupp has not dismissed the idea of merging its steel business, Europe’s second-largest, with a rival, said Bernhard Osburg, chief executive of ThyssenKrupp Steel Europe, citing pressure to rein in costs and...
Steelmakers HBIS, POSCO to invest $600 million in China auto plates venture
Steelmakers HBIS Group of China and South Korea’s POSCO have agreed to invest $600 million to set up a joint venture for the production and sale of automotive steel plates in China, POSCO said on Friday. With this...
EU to decide by July 9 on ArcelorMittal bid for Liberty Steel France
European Union antitrust regulators will decide by July 9 whether to clear world No. 1 steelmaker ArcelorMittal’s bid for two French steel plants belonging to Sanjeev Gupta’s Liberty Steel, according to a European...
Lenders of Uttam Galva Steel approve ArcelorMittal’s resolution plan
The lenders of debt-ridden Uttam Galva Steels Ltd (UGSL) on Wednesday almost unanimously approved the resolution plan of Europe’s largest steelmaker ArcelorMittal Group, said three people close to the development...
JSW Steel denies Liberty asset bid as mill plans India expansion
India’s most valuable steelmaker is ruling out overseas acquisitions and is instead focusing firmly on its home market, with a $3.4 billion plan to sharply boost output. JSW Steel Ltd., whose quarterly profit soared to...
