JSW Steel and JSPL submit bids for Stemcor’s Indian assets

Wednesday, 29 January 2014 16:35:22 (GMT+3)   |   Istanbul
       

Indian steelmakers JSW Steel and Jindal Steel and Power (JSPL) are separately bidding for the Indian assets, including iron ore mining and iron ore processing facilities, of London-based Stemcor, one of the world's largest independent steel traders, according to media reports.
 
New reports indicate that Stemcor expects to complete the sale of its Indian assets by February this year. The sources say the bids for the Indian asserts have come down to $900 million from the initial $1.2 billion.
 
In May last year, Stemcor had to secure a standstill agreement to negotiate with its lenders when it failed to pay debts totaling $850 million. Stemcor is seeking to sell Indian assets in line with its debt restructuring plans.

Similar articles

Iron ore prices drop by over $9//mt week on week, mood remains bad

28 Mar | Scrap & Raw Materials

Goa government to ease policy for liquidating iron ore dumps lying on private land

28 Mar | Steel News

Major steel and raw material futures prices in China - March 28, 2024

28 Mar | Longs and Billet

CISA: Coking coal purchase cost in China down 9.86% in Jan-Feb

28 Mar | Steel News

Brazilian high-grade iron ore price declines sharply in two days

27 Mar | Scrap & Raw Materials

Daily iron ore prices CFR China - March 27, 2024

27 Mar | Scrap & Raw Materials

India’s JSPL takes operational charge of iron ore complex in Venezuela

27 Mar | Steel News

Major steel and raw material futures prices in China - March 27, 2024

27 Mar | Longs and Billet

Vale selected to begin award negotiations for US briquette plant

26 Mar | Steel News

Daily iron ore prices CFR China - March 26, 2024

26 Mar | Scrap & Raw Materials