Indian Steelmakers May Suffer Losses on European Deals over Export Taxes
The Government of India on Saturday unexpectedly imposed an export tax of 15% on eight steel products. Thus, companies like Tata Steel, Jindal Steel and Power Ltd. (JSPL), JSW Steel, SAIL, ArcelorMittal, Nippon Steel India etc. may be forced to cancel European orders...
Tata Steel and JSW Upgraded to BB+ and BB
Tata Steel was upgraded to BB+ from BB by Fitch, now just one notch below an Investment Grade (IG) rating. The upgrade comes on the back of a “significant improvement” in its financial profile thanks to “record EBTIDA and significant debt...
JSW to Make $7bn Bid for Holcim’s Indian Subsidiaries
Indian steel, energy, and cement conglomerate JSW Group will make a $7bn bid for Swiss-based global cement maker Holcim AG’s Indian units, namely, Ambuja Cements Ltd and ACC Ltd through a share acquisition. JSW will offer $4.5bn in its own equity and source the...
