Hindalco Industries on Thursday said its overseas subsidiary Novelis Inc has received the final clearance to complete the acquisition of Aleris Corporation. Aleris Corporation is a global supplier of rolled aluminium...
Steel
London court dismisses ArcelorMittal plea against Essar
A UK court has refused to issue a worldwide freezing order against the parent company of Essar Steel Ltd and members of promoter family – Ravi and Prashant Ruia. The order came as steelmaker ArcelorMittal looked...
ArcelorMittal, Nippon Steel sign $5.14 billion loan pact to refinance Essar Steel buy
AMNS Luxembourg Holding S.A., the joint venture between Nippon Steel Corporation and ArcelorMittal has entered into a $5.14 billion (about Rs 38,000 crore) term loan agreement to refinance a loan taken for acquiring the...
Salzgitter not talking about tie-ups with Thyssenkrupp: CEO
German steelmaker Salzgitter is not discussing any partial or full merger scenarios with larger peer Thyssenkrupp, its CEO said, adding the group remained open to the idea of consolidation if it makes sense. Steelmakers...
JSW Steel in quandary as Apex Court agrees to hear Bhushan Power promoter’s plea
Bankers agree to return JSW Steel money if it loses the case In a interesting twist, the Supreme Court had accepted the petition filed by Bhushan Power and Steel promoter Sanjay Singal against JSW Steel’s bid to take...
ArcelorMittal signs deal to suspend plans to exit Ilva steelworks
ArcelorMittal said on Wednesday it had signed a deal that would see a significant injection of Italian state funding into the Ilva steelworks and would suspend a bid to walk away from the troubled plant, which it took...
China’s Jingye agrees to complete British Steel takeover
Chinese steelmaker Jingye Group said it will complete its buyout of British Steel, with 1.2 billion pounds ($1.5 billion) of investment, despite uncertainty over the control of British Steel’s French unit. Jingye said...
Kotak Fund invests Rs 500 crore in debt-laden Jindal Stainless
Kotak Investment Advisors-managed Kotak Special Situations Fund (KSSF) on Monday announced an investment of Rs 500 crore in Jindal Stainless Limited (JSL) in the form of debt and equity. This will help the stainless...
JSW Steel’s $2.7-billion buy of Bhushan Power & Steel faces legal test
JSW Steel’s $2.7-billion purchase of a bankrupt steel mill is facing a fresh hurdle after a former chairman of Bhushan Power & Steel challenged the deal in the country’s top court. Sanjay Singal filed a petition on...
Buyout firms finesse bids for Thyssenkrupp deal deadline-sources
Two investor groups bidding for Thyssenkrupp’s 16 billion euros ($17.4 billion) elevator business are making last-minute tweaks to their binding offers this week and could nudge them higher, people familiar with the...
Bhushan Power acquisition: JSW Steel likely to pay Rs 19,700 cr by March 15
JSW Steel is all set to wrap up one of the long-drawn and high profile insolvency resolution cases, as it is likely to pay Rs 19,700 crore to acquire the bankrupt Bhushan Power and Steel Ltd by March 15, sources said...
Second time lucky: Liberty House acquires Adhunik Metaliks in cash deal
In an all-cash deal, Sanjeev Gupta-led Gupta Family Group (GFG) Alliance, which owns Liberty House, has acquired bankrupt Adhunik Metaliks and Zion Steel for ₹425 crore ($60 million) under the Insolvency and Bankruptcy...
