It’s reported that Indian steel giant Tata Steel is interested in iron ore assets of one UK’s largest steel trading company, Stemcor.
The company asks for banks’ rescue of more than US$1 billion loans as it was impacted from global slowdown in the steel industry.
Stemcor’s iron ore mines in Orissa may be estimated valued US$800 million and the company maybe requested to offload this kind of physical assets. Tata Steel is eager to obtain the iron ore to supply to its Indian steel mills.
Tata steel sees competition for iron ore mines from other domestic rivals including Jindal Steel and Power.
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=65581&division=A9
