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...The five steel companies among the 12 — Bhushan Steel, Bhushan Power & Steel, Electrosteel, Essar Steel and Monnet Ispat — are promising buyout targets for larger rivals such as Tata Steel, according to...
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...Now Liberty House has in its sights two troubled Ontario steel producers — Essar Steel Algoma and US Steel Canada — according to a person close to the briefed on the matter....
...Among the key stressed accounts has been the Essar Group, controlled by the Ruia brothers, whose steel business has struggled to repay long-term debt exceeding Rs200bn....
...“For us, the market is regional,” said Madhu Vuppuluri, chief executive of Essar Steel....
...Essar bought Algoma Steel for about $1.5bn in 2007 during a heady period of international expansion, hoping to build an integrated global steel operation....
...Essar Group will, meanwhile, struggle to list infrastructure or steel businesses in the UK until its energy unit performs a good deal better....
...Essar Energy slid 5.4 per cent to 152p after India’s supreme court threw out an appeal over its $1.24bn tax bill....
...Tata Steel lost nearly 50 per cent of its stock market value this year, while Tata Motors suffered significant losses due to a slowing domestic car market....
...Some businesses already admitted, such as Fresnillo, Essar Energy and Eurasian Natural Resources Corp, would need to increase their tradeable equity or quit the City’s flagship index....
...Vedanta’s debut was followed by Tata Steel raising $500m through global depository receipts in 2009, and oil and power group Essar raising $1.2bn from its listing last year....
...Metallurgical coal from Trinity will supply Essar’s Algoma steel plant in Canada and planned steel operations in Minnesota, where it has iron ore reserves of 1.4bn tonnes....
...The group has undergone a revival since 1999, when slumping steel prices led Essar Steel, controlled by Essar Group, to become one of the few Indian companies to default on foreign debt....
...Essar has interests in telecoms, including a venture with Vodafone of the UK, and steel, power, refining and outsourcing, in markets from the US to Kenya to parts of Asia....
...Esmark had already accepted a bid of the same value from Essar, the expansion-minded Indian steel company....
...BlueScope Steel of Australia, Tata Steel and Essar Steel, both of India, were also sniffing at the company....
...Still, many business chiefs remain optimistic about India’s Inc’s continued march on the global stage, albeit in smaller deals....
...The deal was rapidly followed by an aggressive push into North America by India’s Essar group, which agreed to pay $1.63bn for Canada’s Algoma Steel and followed this with a plan to buy Minnesota Steel in...
...Shares of Mumbai-based Essar Steel rose on Monday after its parent company agreed to buy Canada’s Algoma Steel for C$1.8bn (US$1.6bn) in the second- largest Indian acquisition of a North American company...
...Essar’s separate bids this week for two North American steel ventures, Canada’s Algoma Steel and Minnesota Steel of the US, mark an important step not only for the resurgent Indian conglomerate....
...steel maker....
...Essar, the steel-to-oil conglomerate that is a minority partner in Vodafone’s Indian joint venture, has also applied for a separate licence through Mumbai-based operator BPL Mobile....
...group, which bought a series of steel-related assets in the US....
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