The transaction, financial details of which were not disclosed, is part of India's new bankruptcy law.
Tata Steel Mining News
In about four years, Tata may need 13.6 million tonnes of iron ore annually.
Tata Steel has just inaugurated India’s first solar power project located at an iron ore mine
Financing consisted of a loan of $50 million from Investissement Quebec along with $125 million for an 18% equity stake in TSMC through Ressources Quebec.
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Deal comes at a time of improved steel demand from China and mimics an effort by the UK government to rescue Tata Steel's Port Talbot operations to save jobs.
The company cited “challenging conditions” in the steel and iron ore markets as the main reason for such decision.
Quebec's highest court has refused to hear an appeal of a last year judgment that rejected a motion to dismiss the millionaire lawsuit against the miner's Iron Ore Co. of Canada (IOC).
Quebec judge wouldn't dismiss $900 million lawsuit.
This metal doesn't loose any strength no matter how many times its recycled.
Giant miner Rio Tinto said Monday that it has started exporting premium hard coking coal from its Mozambique Benga Mine, its first shipment of 34,000 tons has left the Port of Beira and is bound for an Indian steel mill.
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.
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.
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.
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.
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 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.
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 […]