Tata Steel’s ongoing talks with the UK government to secure the future of its biggest steel works at Port Talbot include a proposal for the government to inject nearly £900 million and picking up an equity stake...
IBC faces test again as top court hears Bhushan Power & Steel case
The Supreme Court will have its task cut out in settling yet another contentious aspect of the Insolvency and Bankruptcy Code (IBC), once it starts hearing the Bhushan Power & Steel (BPSL) case. Although the Essar...
Salzgitter CEO sees no immediate need for M&A
Germany’s second-largest steelmaker Salzgitter sees no benefit from consolidation for now, Chief Executive Heinz Joerg Fuhrmann told shareholders on Wednesday, in a rebuff to its major rival Thyssenkrupp. Sources had...
ED moves SC to challenge NCLAT’s power to lift attachment order against Bhushan Power
The Enforcement Directorate has challenged the jurisdiction of the National Company Law Appellate Tribunal (NCLAT) in directing the agency to release the assets of Bhushan Power & Steel Ltd (BPSL) it had attached...
JSPL to sell Oman arm to promoter firm for $1 bn
Naveen Jindal-owned Jindal Steel and Power Ltd has accepted a binding offer to sell its entire stake in Jindal Shadeed Iron and Steel Co LLC (JSIS Oman) to promoter company Templar Investments Ltd. JSIS Oman was held...
ArcelorMittal to invest Rs 2,000 cr in Odisha, says Lakshmi Mittal
ArcelorMittal’s chairman & chief executive officer Lakshmi Mittal has pledged Rs 2,000 crore investment in Odisha. Though the chief of the world’s largest steel company didn’t spell out the specifics, the...
SAIL partners with Apollo Hospitals for healthcare services to employees, their families
State-owned Steel Authority of India Ltd (SAIL) on Wednesday said it has tied up with Apollo Hospitals to provide healthcare services to its employees and their families amid the COVID-19 pandemic. Earlier, the company...
M&M looks to exit JV with Japan’s Sanyo Special, Mitsui
Automaker Mahindra & Mahindra is in talks to sell 29% stake in its speciality steel joint venture (JV) back to its two existing partners, Japan’s Sanyo Special Steel Co and Mitsui Corp, as it looks to exit from non...
House cleaning at Thyssenkrupp could start M&A wave
Steel-to-submarines conglomerate Thyssenkrupp has changed the structure of its sprawling empire, splitting operations into three categories as it seeks to simplify the business, stop cash burn and revive its battered...
Thyssenkrupp in talks with peers over steel business – source
German ailing conglomerate Thyssenkrupp is in talks with international peers about consolidating its loss-making steel business, a person familiar with the matter said. The talks, to be unveiled as part of a strategy...
US proposes India’s Hindalco-owned Novelis to divest investment in aluminium major Aleris
The US Department of Justice is proposing a federal court to order Hindalco-owned American company Novelis to divest all its stakes in aluminium major Aleris due to the competitive concern with such an acquisition, an...
Tata Steel may demerge UK, Dutch units
Tata Steel units in the UK and Netherlands may be on the verge of breaking apart, some 20 years after British Steel merged with Dutch steel major Hoogovens to form Corus, recent reports have said. With the British arm...
