Steel Mills
ArcelorMittal Eyes Bhushan Steel
Written by Sandy Williams
October 21, 2017
ArcelorMittal is showing interest in buying the bankrupt India mill Bhushan Steel. Bhushan has a strong presence in the automotive steel market and has a production capacity of 5.6 million metric tons annually. Its debt is estimated at about $6.9 billion.
Acquisition of Bhushan would give ArcelorMittal a foothold in India’s auto-grade steel market, which is currently supplied mostly by Japan and South Korea.
Other potential buyers include joint venture Piramal Enterprises Ltd–Bain Capital Credit platform, AION Capital, Oaktree Capital, Lone Star Funds, and SSG Capital Management.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
Former JSW Steel USA CEO to join AM/NS Calvert
Steel industry veteran Mark Bush announced he will be joining AM/NS Calvert as area manager steelmaking.
U.S. Steel taking 45-day outage on Gary Works’ BF8
U.S. Steel’s No. 8 blast furnace (BF8) at its Gary Works in northwest Indiana is undergoing a 45-day maintenance outage that started on April 4.
USS shareholders vote in favor of Nippon merger
U.S. Steel Corp.’s impending sale to Japan’s Nippon Steel Corp. (NSC) has cleared one hurdle: USS stockholders voted overwhelmingly in favor of the nearly $15 billion merger.
SMU survey: Sheet lead times contract, plate pushes out
The market appears to be taking a pause after the heavy buying that occurred in March.
USW claims Nippon prioritizing Japanese ops in US tin mill trade case
The United Steelworkers (USW) union is calling out Nippon Steel for already prioritizing its Japanese operations at the expense of American workers despite forging ahead with its proposed plan to purchase U.S. Steel.