Tata Steel mulls acquisition of Stemcor’s Indian iron ore mines

Monday, 29 July 2013 15:39:54 (GMT+3)   |   Istanbul
       

Indian steel giant Tata Steel is mulling the acquisition of London-based steel trader Stemcor's iron ore assets in the Indian state of Odisha which are estimated to be worth $800 million, according to media reports. According to sources, Tata Steel is interested in Stemcor's iron ore mines to feed its Indian steel plants.

Other India-based steelmakers Jindal Steel and Power (JSPL) and JSW steel are also reportedly interested in Stemcor's Indian iron ore assets.

Stemcor secured a 100-day standstill agreement from its lenders in late June, after failing to refinance its $850 million revolving credit facility due in May.


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