Tata Steel Mining Limited said it signed an agreement with Jindal Stainless to jointly mine the chrome ore lying beneath the boundary between the companies’ mines in Sukinda in Odisha’s Jajpur district. Chromium is used to make shiny metallic items, such as stainless steel vessels and chrome-plated auto parts. The companies said the chromite — […]
Tata Steel said its European subsidiary, Tata Steel Netherlands Holdings, has refinanced its bank debt by raising term loan facilities of 1.75 billion euros. In comparison, Tata Steel’s European operations had reported a debt of over 2.2 billion euros as of March. “This represents a reduction of EUR 500 million versus the external debt outstanding […]
Tata Steel said it has been declared as the successful resolution applicant by the Committee of Creditors of Bhushan Steel Limited, laying the ground for one of the biggest acquisitions in India’s iron and steel sector. Tata Steel said it has has accepted the Letter of Intent for Bhushan Steel under the Corporate Insolvency Resolution […]
Tata Steel said it has completed the acquisition of a 135 MW power plant from a subsidiary of Jasper Industries for Rs 255 paid in cash. The thermal power plant, located in Cuttack district in Odisha, will help it increase its captive source of power to meet its growing demand, it said. The acquired company […]
Tata Steel has promoted T V Narendran, currently MD for India and South East Asia, as the company’s new CEO and Managing Director. The Board also reappointed Koushik Chatterjee as Executive Director and Chief Financial Officer for a period of 5 years with effect from November 9, 2017, when his present term expires on November […]
Tata Steel Limited’s (TSL) memorandum of understanding with thyssenkrupp AGn to create a 50:50 JV in Europe paves the way for TSL to reduce exposure to a structurally weaker business, says Fitch Ratings. However, TSL’s Long-Term Issuer Default Rating (IDR) of ‘BB’ remains on Rating Watch Evolving until further clarity on the proposed JV emerges […]
Tata Steel UK, formerly Corus Group, has taken one more step towards solving its financial woes by moving its pension-related liabilities to a new entity. It said the UK Pensions Regulator has approved a Regulated Apportionment Arrangement or RAA that separates the pension scheme from itself. Tata Steel UK will pay £550 million to the […]
Tata Steel Limited said that it has executed definitive agreements to acquire 100% equity shares of Brahmani River Pellets Limited (BRPL) from Aryan Mining and Trading Corpn Private Limited (AMTC) and other companies in the Moorgate Industries Group (MIG). The transaction is based on an enterprise value of Rs. 900 crores plus closing adjustments and […]
Tata Steel Limited registered Hot Metal steel production of 2.69 million tonnes, up by 13.1% on year, and Crude Steel output of 2.55 million tonnes, up by 11.3% on year, for the third quarter of the financial year. Saleable Steel production was higher by 13.1% y-o-y to 2.51 million tonnes, and sales increased by 10.3% […]
