Uttam Galva in acquisition talks with Detroit Steel
Indian
galvanized steelmaker Uttam Galva is reportedly in acquisition talks with Detroit Steel, a US-based steelmaker.
The talks are currently at a preliminary stage. Should the talks prove fruitful, the acquisition of Detroit Steel will enable Uttam Galva to access the US market.
Analysts claim that the cost of the acquisition may reach $100 million. Detroit Steel, which used to have an annual steel
production capacity of 1 million tons, is currently idle. The company needs $30-50 million to restart
production.