The German government is considering taking a minority stake in Thyssenkrupp’s warship division Thyssenkrupp Marine Systems (TKMS), German Defence Minister Boris Pistorius said during a visit to Kiel on Tuesday...
Saudi’s SABIC to sell steel unit Hadeed to PIF for $3.3 billion
Saudi Basic Industries Corp said it had agreed to sell subsidiary Saudi Iron and Steel Company (Hadeed) to the Public Investment Fund (PIF) for an enterprise value of 12.5 billion riyals ($3.33 billion). The transaction...
U.S. Steel starts due diligence after entering agreements with ‘numerous third parties’
U.S. Steel has entered into confidentiality agreements with “numerous third parties” and started to review multiple unsolicited proposals ranging from partial acquisition to an entire buyout, the company...
JSW Steel may buy up to 40% stake in Canada’s Teck Resources’ coal unit: Report
JSW Steel Ltd is planning to pick up 20 per cent to 40 per cent stake in Elk Valley Resources Ltd — a metallurgical coal unit of Teck Resources. JSW Steel Chairman Sajjan Jindal informed about the developments in this...
Esmark scraps bid for U.S. Steel
Privately held steel company Esmark said on Wednesday it would not participate in the purchase process for U.S. Steel Corp and respect the position of the United Steel Workers (USW) union, which is supporting Cleveland...
NCLT approves Steamline Industries’ acquisition by a consortium of Invent Assets
The consortium of Invent Assets Securitisation & Reconstruction Company Pvt Ltd and GMT Pipes & Tubes Pvt Ltd’s bid to acquire Mumbai-based steel pipe manufacturer Steamline Industries Ltd is approved by the...
US Steel proposes new offer to ArcelorMittal, may reverse retreat from US: Report
Indian steel magnate Lakshmi Mittal’s company ArcelorMittal SA may not have to retreat from the US as US Steel Corp has reportedly proposed a new offer to the company. According to a report by Reuters...
Nalwa Steel, BTL EPC bids tied for McNally
In a rare occurrence, the voting to select the winner between Nalwa Steel and BTL EPC plan for bankrupt McNally Bharat Engineering resulted in a tie, as both resolution plans received an equal number of votes from...
Jindal Stainless acquires remaining 74 pc stake in JUSL for Rs 958 crore
Jindal Stainless said it has acquired the remaining 74 per cent stake in Odisha-based Jindal United Steel Limited for Rs 958 crore. Jindal United Steel Limited (JUSL) has become a 100 per cent owned subsidiary of JSL...
Vedanta makes a fresh bid to sell steel biz ESL
Billionaire Anil Agarwal’s Vedanta Ltd is seeking to sell ESL Steel Ltd, formerly known as Electrosteel Steels Ltd, after acquiring the asset for ₹5,320 crore through a bankruptcy resolution process five years ago, two...
JSW Steel mulls bidding 20% stake in Canada’s Teck coal unit: Report
India’s leading steel producer JSW Steel Ltd is mulling a bid for as much as a 20 percent stake in Canada’s Teck Resources Ltd.’s steelmaking coal business, reported Bloomberg on 15 July citing sources. According...
Vedanta kicks off steel business review for likely stake sale
Vedanta has initiated a strategic review of its steel and steel raw materials businesses and may sell a part or all of these businesses. The natural resources conglomerate is looking to sell Electrosteel Steels a little...