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Tata Steel said to be bidding for Australian coal miner New Hope

Andrew Topf | November 4, 2011
steel shutterstock

India's largest business group is considering making a bid for New Hope Corp. (ASX:NHC) in what could be the largest coal deal since Alpha Natural Resources (NYSE:ANR) bought Massey Energy in January for around $7 billion.

According to Bloomberg, citing sources familiar with the plan, the acquisition would involve a joint bid between Tata Steel and Tata Power for Queensland-based New Hope which is valued at $A4.9 billion.

Indian steelmakers and power plants are struggling to secure coal to run their plants in the face of supply shortages.

  • Tata Steel forecasts improved demand amid European woes

    China Post | May 20, 2012

    India's Tata Steel forecast improving global demand in spite of European woes, as the world's No.7 steelmaker reported a bigger-than-expected drop in quarterly profit after being squeezed by weak prices, lower volume and higher input costs.

  • Race for resources – TATA Power in talks to buy stake in MEC Coal

    Steel Guru | January 28, 2012

    TATA Power is in talks to pick about 15% stake in MEC Coal, the Dubai registered company that owns more than two billion tonnes of coal reserves in Indonesia.

  • Tata Steel sells Riversdale stake to Rio Tinto

    Mineweb | June 17, 2011
    Rio Tinto Mining India

    India's Tata Steel on Thursday agreed to sell its 26 percent stake in Australia's Riversdale to Rio Tinto for $1.1 billion, giving the Anglo-Australian giant full control of the coal miner.

    Tata, the world's No 7 steelmaker, will sell shares in an open offer at A$16.5 each. Riversdale shares closed little changed at A$16.50 in Sydney on Thursday before Tata Steel's announcement.

  • United Kingdom steel industry set for slow recovery

    MINING.com Editor | June 15, 2011

    According the analysts at Research and Markets the British steel industry is set for a slow recovery following another dismal year in 2010, although the planned acquisition of Tata Steel's mothballed complex in Teesside by a Thai steelmaker is welcome news in an otherwise gloomy outlook.

  • TATA steel's restructuring to result in 1,500 jobs cut in UK

    Mineweb | May 20, 2011
    steel_closeup

    TATA Steel's European unit Corus said on Friday it will cut around 1,500 jobs in northern England as part of a restructuring of its long products unit, which supplies clients including builders and miners.

    Like others in the industry, Tata Steel has faced a margin squeeze since last year, as the price of raw materials increases but demand from sectors like construction remains muted.

  • Tata Steel expects 15% jump in raw material costs

    Brian Truscott | March 10, 2011
    Molten steel.

    The Wall Street Journal writes that Tata Steel Ltd. expects its raw material costs to increase around 15% in the next fiscal year starting April 1, mainly due to recent floods in Australia and higher demand from China. "We expect …

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