Saturday, 26 May, 2018

Tata Steel ties up Rs 17K cr debt for Bhushan Steel buy

Tata Steel finally bags Bhushan Steel NCLT imposes fine on two challengers Tata Steel returns to profit on one-off gain
Freda Brock | 17 May, 2018, 11:05

Sajjan Jindal-led JSW Steel reported consolidated net profit at Rs 2,879 crore for the fourth quarter ended March 31 against net profit of Rs 1,008 crore in the year-ago quarter. The India operations was impacted due to a blast furnace outage at its Kalinganagar plant.

The country's largest steelmaker on Wednesday reported an exceptional gain of Rs 11,376 crore in the quarter that included a non-cash gain of Rs 14,077 crore relating to the restructuring of its United Kingdom pension scheme, the company said. The issue has been resolved and the plant is now running at full capacity, said managing director T V Narendran.

The gain in profits was despite lower production the company had witnessed of 6.26 million tonne (mt) during Q4 as compared to 6.40 mt a year ago.

Tata Steel Ltd, an Indian steel making company has chose to take all 5,000 employees of Bhushan Steel largest manufacturer of auto-grade steel in the country. "The company also achieved highest ever quarterly sales volume of 4.22 million tonnes aided by robust domestic demand". "The depletion in assets in any form will be a concern and we will certainly look into it whenever the process is completed".

Man Threatens Spanish-Speaking Workers: 'My Next Call Will Be to ICE'
"After, I kind of got flustered, but I also kind of feel bad for him because it shows that his mental stability isn't all there". He threatened to notify the Immigration and Customs Enforcement ( ICE ) "to have each one of them kicked out of my country".

"Tata Steel Europe had a good quarter despite currency headwinds. The 50:50 JV with Thyssenkrupp is progressing well and we are committed towards building a strong European portfolio", Narendran said.

It is the leading integrated steel company in India with an installed steel-making capacity of 18 million tonne per annum (MTPA).

On the steel outlook, he said the company is closely watching the developments in global steel trade because of the protectionist measures by the United States and added, "However, we continue to be bullish on steel prices and spreads with improving demand situation in India".

Koushik Chatterjee, executive director and chief financial officer, Tata Steel, said the possibility of delisting the stressed asset can not be ruled out. "We have also received CCI approval for this transaction", he said. "We also completed a $2 billion Rights Issue", Chatterjee added.

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