11
Apr
13:25
Tata Steel Sponge Iron completes Usha Martin acquisition
Tata Steel Sponge Iron (TSIL) has completed the acquisition of Usha Martin (UML) for INR 4,094 crore ($592.2 million). This is subject to further hold backs of INR 640 crore, pending transfer of some assets including mines and certain land parcels.
UML is a 1 million tonnes/year capacity special steel and wire rope producer whose steel business revenue was INR 3,441 crores in the fiscal year through March 2018. It has its own iron ore mine as well as coal m…
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Anonymous
Very good overview of the weekly steel market.
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