No proposal from ArcelorMittal for more stakes: Uttam Galva

Uttam Galva Steels today said it has not received any proposal from ArcelorMittal for acquiring additional stake in the company.
  • Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
Real-time Stock quotes, portfolio, LIVE TV and more.
GeStepAhead SME Special
moneycontrol.com

Home » News » Business

Jan 31, 2013, 04.27 PM | Source: PTI

No proposal from ArcelorMittal for more stakes: Uttam Galva

Uttam Galva Steels today said it has not received any proposal from ArcelorMittal for acquiring additional stake in the company.

Like this story, share it with millions of investors on M3

No proposal from ArcelorMittal for more stakes: Uttam Galva

Uttam Galva Steels today said it has not received any proposal from ArcelorMittal for acquiring additional stake in the company.

Post Your Comments

Share Cancel

Uttam Galva Steels today said it has not received any proposal from ArcelorMittal for acquiring additional stake in the company.

"...there is no such proposal by ArcelorMittal Group to acquire any further stake/shares in Uttam Galva Steels," the Mumbai-based firm said in a BSE filing.

ArcelorMittal, now a co-promoter of the Mumbai-based galvanised steel maker Uttam Galva, has 33.80 percent stake in the company as on December-end. The Miglani family, the original promoter, has 37 percent holding.

Unconfirmed reports had said that the world's largest steel maker ArcelorMittal was planning to buy out the Miglani family's entire stake in the firm.

Following the reports, shares of Uttam Galva Steel had initially risen by 16 percent on the BSE. However, it is trading at Rs 114.90 in the afternoon session, 5.63 percent lower over the previous close.

Uttam Galva Steels, according to its website, has three galvanising lines with a total capacity of 3.5 lakh tonnes per year. It has its own cold rolling facility with a capacity of five lakh tonnes per annum.

More than 70 percent of the company's products are exported to over 100 countries.

India, now the world's fourth largest steel producer with an installed capacity of 90 million tonnes per annum, aims to increase capacity to 200 mtpa by 2020.

Ads by Google

Buy, Hold, Sell ? Hear it first on M3
No proposal from ArcelorMittal for more stakes: Uttam Galva

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login