Tata Steel interested in Hanbo Steel acquisiton
According to market reports, due to the failure of the sale on Wednesday as previously reported by SteelOrbis, Indian steel company Tata Iron and Steel Comp. (TISCO) is interested in buying share in Hanbo Steel and is currently holding talks with the company. However it is not yet certain whether
Tata Steel will make a deal or participate in the new bidding, which was mentioned to be held in December.
Hanbo Steel, which went bankrupt after the crisis experienced in 1997 in East Asia, has an annual capacity of 3-3.5 million tons. In case
Tata Steel achieves the acquisition, this will inevitably result with strong presence in Chinese and Japanese markets for the Indian steel maker, capacity of which is reported to be around 4 million tons.
On the other hand,
Tata Steel is holding talks with various companies as well, with none of them being close to finalization for now. Last week SteelOrbis reported that Shanghai
Baosteel Engineering & Equipment, a division of
Baosteel Group, and
Tata Steel were in talks for the purpose to form joint ventures or strategic alliances.