After a failed attempt to sell Corus’ Teesside plant, Tata Steel has initiated talks with fresh suitors to complete the sale by August.
Corus chief executive Kirby Adams said on Thursday the company was negotiating with many interested parties, including fresh suitors. However, he added: “We don’t want to give false hope that we will strike a deal soon.”
In April, Marcegaglia of Italy had backed out from the acquisition of Teesside cast plant.
Meanwhile, in India, Tata Steel has ended its 12-year-long relation with Chicago-based Ryerson Tulls, a major distributor and processor of metals in North America. It will buy out Ryerson’s 50 per cent stake in the steel processing joint venture Tata Ryerson for around $49 million (Rs 237 crore). Post-acquisition of stake, Tata Ryerson would become a wholly-owned subsidiary of Tata Steel. The transaction is expected to be completed by July 2009.
Another Tata group company, Tata Power, has got the mandate to build a 525 Mw plant at Corus’ Ijmuiden works in the Netherlands.