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Even as Tata Steel has reported robust numbers for the April-June quarter, it has to brace itself for challenging times ahead. Seasonal slowdown in Europe due to debt crisis and prolongued US slowdown would keep the company’s performance subdued for the next couple of quarters, warn analysts.
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Tata Steel is on the prowl. The company is scouting for mines to secure assets abroad. Apart from coal mines, the company is looking at chrome ore mines in Africa.
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Tata Steel is going to utilize Riversdale funds of USD 1.14 billion to start new projects & expand and upgrade existing ones, reports Business Standard. It touched an intraday high of Rs 602.60 and an intraday low of Rs 599.10. At 09:39 hrs the share was quoting at Rs 602, up Rs 4.80, or 0.80%.
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Good quality coking coal supply will remain scarce in the next few years and will support steel prices, Tata Steel group director of procurement, Kees Gerretse told Reuters on Wednesday.
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India's steelmaker Tata Steel is looking at acquisitions in steel scrap recycling in South East Asia and will continue to invest upstream to increase its self-sufficiency in raw materials.
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Tata Steel is resizing its European operations to ensure Corus is geared to handle any economic environment in Europe. CNBC-TV18's Sajeet Manghat and Ashwin Mohan report on the company's plans at home and abroad.
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The BSE Sensex was up 0.4% in early trade on Friday, with Tata Steel and Maruti Suzuki leading the rise.
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Tata Steel has not changed its position regarding its stake in Riversdale Mining, a senior official of the steelmaker said on Friday, as global miner Rio Tinto won control over Riversdale with a USD 4 billion offer.
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Koushik Chatterjee, Group CFO, Tata Steel spoke about the company’s latest plans in the bond markets and what the road ahead was going ahead.
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Global miner Rio Tinto has received acceptances for 30.6% of shares in its USD 3.9 billion takeover target Riversdale, it said on Wednesday, after increasing its offer for the Mozambique-focused coal miner last week.
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The World's largest mining firm Rio Tinto has put in AUD 3.9 billion bid for buying out Riversdale.
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Tata Steel has hiked voting power in Riversdale to 27.13% from 24.21% via Tata Steel Global Mineral Holdings Pte, reports CNBC-TV18. It touched an intraday high of Rs 631 and an intraday low of Rs 626. At 09:29 hrs the share was quoting at Rs 629.90, down Rs 4.40, or 0.69%.
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Tata Steel, the world's no. 7 steelmaker, has raised its stake in Africa-focused coal miner Riversdale, sources said on Tuesday.
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Anglo-Australian miner Rio Tinto's USD 3.9 billion offer for Africa-focused coal miner Riversdale expires on March 4 and a victory for Rio is far from certain.
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Tata Steel said its margins would remain under pressure due to rising raw material prices, adding that it was in talks with Rio Tinto to ensure coal supplies from Africa-focused miner Riversdale.
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Talking on the global demand avenues for steel, the company sees rising demand in Europe, which would fall between 3%- 5% this year.
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The consortium of Indian PSU companies - International Coal Ventures Limited (ICVL), has decided to not bid for Australian mining major Riversdale and not counter Rio Tinto’s USD 3.9 billion offer, reports CNBC-TV18’s Mehak Kasbekar.
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The board of Africa-focused coal miner Riversdale, including a representative from top shareholder Tata Steel, unanimously backed a USD 3.9 billion takeover offer from Rio Tinto, Riversdale said on Monday.
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The Indian state consortium has deferred a decision on a possible rival bid for Africa-focused coal miner Riversdale to Jan 27 and it has sought more information from its adviser, its chairman said on Saturday.
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Tata Steel, the world's seventh-largest steel maker, said on Friday that it would hold on to its shares in Australian miner Riversdale, calling it a strategic stake.
