Tag Archives: steel

Tata Steel announces successful $1.3 bn dual tranche bond offering

Tata Steel said on Friday its wholly own subsidiary incorporated in Singapore, Abja Investment Co Pte Ltd, has successfully issued dual tranche of $1.3 billion of unsecured bonds in the international markets. The issue comprises $300 million 4.45% unsecured bonds due on July 24, 2023 and $1 billion 5.45% unsecured bonds due on January 24, 2028. “The transaction was launched ... Read More »

Now’s the right time to buy steel stocks

Supply cuts by China to boost domestic steel prices MUMBAI, DECEMBER 6:   Analysts expect a robust second half for domestic steel companies on account of supply cuts imposed by the Chinese government beginning November 15 on its key steel producing provinces (forming 50 per cent of total Chinese steel output) due to environmental reasons (read winter), which can extend till ... Read More »

Steel stimulus drive China’s strongest economic growth since 2015

China’s economy expanded faster than expected in the first quarter as higher government infrastructure spending and a gravity-defying property boom helped boost industrial output by the most in over two years. Growth of 6.9 percent was the fastest in six quarters, with forecast-beating March investment, retail sales and exports all suggesting the economy may carry solid momentum into spring. But ... Read More »

Tata Steel UK workers accept cuts to pension benefits

Tata Steel’s (TISC.NS) British workers voted on Wednesday to accept pension benefit cuts in return for safeguards on jobs and investment, although the Indian company’s plan to spin off its entire UK pension scheme still faces regulatory hurdles. Wednesday’s vote allows Britain’s largest steelmaker to close its 15 billion pound British Steel Pension Scheme (BSPS) to future accrual and replace ... Read More »

WTO rules largely in favour of Taiwan in steel row with Canada

A dispute panel of the World Trade Organization (WTO) largely ruled in favour of Taiwan on Wednesday on its complaint over anti-dumping duties imposed by Canada on some of its steel goods. The ruling, related to certain carbon steel welded pipes and certain provisions of Canada’s underlying legislation, found that Canada had contravened the WTO’s Anti-Dumping Agreement but that Taiwan ... Read More »

Tata Steel may close UK pension scheme – union source

Tata Steel UK is looking at closing its defined benefit pension scheme to future accruals and move members onto a defined contribution pension instead, a union source said on Wednesday. Britain’s largest steelmaker is seeking a way to lessen the British Steel Pensions Scheme’s deficit, which is one of the main stumbling blocks in talks to merge Tata Steel’s European ... Read More »

Scunthorpe sale costs hit Tata Steel

Costs related to the sale of its Scunthorpe operations pushed Tata Steel into the red for its first quarter. The Indian company lost 32.9bn rupees (£370m) when it sold its European long products division, based in North Lincolnshire, to Greybull Capital in April for a nominal sum. Tata Steel made a net loss of 31.8bn rupees (£358m) for the three ... Read More »

Tata Steel pauses sale of UK assets on Brexit uncertainty, looks for partner

Tata Steel has put the process of selling its major British assets on hold because of the uncertainty caused by the Brexit vote and surrounding pension liabilities and will now also look at forming a joint venture, the company said. Tata Steel put its British operations up for sale in March, including its Port Talbot plant in southern Wales, threatening ... Read More »

China steel, iron ore fall for second day on demand worries

Chinese steel and iron ore futures dropped for a second day on Wednesday, reflecting concerns over weak demand as construction activity slows during the summer. After months of strong steel production as mills responded to a rally in prices earlier this year, output in China, the world’s top producer, could slow along with consumption, the China Iron and Steel Association ... Read More »

Tata Steel says seven firms in frame to bid for rest of UK operations

Seven firms are weighing up bids for Tata Steel’s entire UK business, the company has revealed, raising hopes of a rescue deal that could save up to 12,000 jobs. Indian conglomerate Tata has been seeking a buyer since it said in March that a turnaround plan for its Port Talbot steelworks was “unaffordable”. Tata Steel UK received letters of intent ... Read More »