Japanese steel firms Nippon Steel and Sumitomo Metals are likely to retain Tata Steel as partner for India, post their proposed merger. Nippon Steel has a tie-up with Tatas and Sumitomo Metals has a partnership with Bhushan Steel. Industry sources said that the new entity, formed out of Nippon-Sumitomo's existing businesses, will keep only one firm as its India ally and the balance is tilted towards Nippon's long-standing partner Tata Steel rather than Sumitomo Metals' Bhushan Steel, which has a marketing and technology tie-up with the Japanese firm.
TATA STEEL LTD Mining News
India's Tata Steel , the world's No 7 steelmaker, will hold on to its stake in Africa-focused Riversdale Mining , its vice chairman said on Monday. "We will continue to hold on to our stake," B Muthuraman told reporters.