One of British Steel’s units, TSP Projects, has been sold to the UK subsidiary of French engineering group Systra, a move that will save over 400 jobs, Britain’s Official Receiver said on Friday. The Official Receiver...
Steel
Chinese steel maker picks additional 24% stake in Global Switch ahead of IPO
Chinese steel maker Jiangsu Shagang Group Co Ltd bought a further 24% stake in Global Switch Holdings for 1.8 billion pounds ($2.21 billion), making it the largest shareholder with a 49% stake, the UK-based data center...
Thyssenkrupp challenges EC’s decision to stop JV with Tata Steel
Thyssenkrupp of Germany has said it has filed a complaint with the General Court of the European Union (EGC) against the European Commission’s decision to prohibit its joint venture in Europe with Tata Steel. The...
Nithia Capital identifies Indian stressed steel assets for acquisition
Nithia Capital, a UK-based alternative investment manager that specialises in turning around underperforming facilities, has identified around 15 stressed steel assets in India for acquisition. While Nithia has zeroed...
Thyssenkrupp in talks to buy steel trader Kloeckner: Handelsblatt
German industrial group Thyssenkrupp is in talks to buy metals distributor Kloeckner & Co in a move to strengthen its materials trading business, Handelsblatt reported on Thursday citing sources familiar with the...
Tribunal dismisses appeals against Monnet Ispat Resolution plan
An appellate tribunal on Monday dismissed appeals by some creditors of steelmaker Monnet Ispat & Energy against a Rs 2,875-crore resolution plan offered by AION Investments and JSW Steel. The Mumbai bench of the...
Turkey’s military pension fund reaches British Steel deal
Turkey’s military pension fund OYAK has reached a provisional agreement to take over British Steel and could close the deal by the end of this year, potentially saving thousands of jobs. The British government welcomed...
Steel executives’ guild urges PM Modi for ‘hassle-free’ SAIL-NINL merger
Neelachal Ispat Nigam Ltd (NINL) which is in the dumps following its lead promoter MMTC’s decision to exit the public sector steel unit, has elicited support from a confederation of steel executives. Kolkata-based...
Supreme Court defers hearing of Essar Steel insolvency case till 19 August
The Supreme Court on Wednesday deferred till 19 August hearing in the Essar Steel insolvency case, saying said the matter should be decided in light of fresh challenges following recent amendments to the Insolvency and...
Essar case: New amendments in IBC come under SC scanner
The recent amendments to the Insolvency and Bankruptcy Code (IBC), passed by Parliament and awaiting assent of the President, were brought to the notice of the Supreme Court by a section of creditors on Wednesday. A...
Tata Steel board approves of MoU with Synergy Metals and Mining Fund for divestment of Tata Steel Thailand
Tata Steel’s board on Wednesday approved of signing of a memorandum of understanding (MoU) with Dubai-based Synergy Metals and Mining Fund to divest 70% of its stake in Tata Steel Thailand. The approval comes a...
Tata Steel cancels pacts to sell Southeast Asian businesses to Hesteel Group
Tata Steel on Tuesday said it has terminated the definitive agreements to sell its Southeast Asian businesses to China’s Hesteel Group after the Chinese steel major failed to get regulatory approvals from the...
