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SAIL may join race for stressed steel assets – Report

Steel News - Published on Tue, 02 Jan 2018

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PTI reported that SAIL is considering bidding for the stressed assets of Essar Steel and Bhushan Steel that are facing insolvency proceedings. According to sources, a team of SAIL has visited the units of Essar Steel and Bhushan Steel almost 20 days back to assess how are units and to evaluate whether to bid (for) the units or not.

SAIL Chairman Mr PK Sing in an interview with Economic Times while answering to “Are you considering buying some stressed steel plants on the block?” said that “We are very open to that and the board has been supportive. When we get a good asset at right value, we might consider. We are evaluating the stressed assets and ultimately all will depend on the valuations of these assets. We are making almost all grades of steel and that asset should find synergy with existing operations. We will become 21 million tonnes capacity company with the commissioning and modernization of Bhillai. Ultimately we have to reach 50 million tonnes. This can become a good strategy and these assets if they come cheap and fall within our strategy we are open to that. Presently our own teams are assessing. Once the report is prepared and we find out which assets we can take, we may appoint a consultant.”

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Posted By : Nanda Koijam on Tue, 02 Jan 2018
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