05
Jun
17:14
Vedanta assumes control over Electrosteel Steels
Vedanta has assumed control over Electrosteel Steels following its acquisition of the insolvent producer. The Indian iron ore miner has deposited INR 5,320 crore ($792.6 million) in Electrosteel’s escrow account and appointed a new board of directors.
Credit rating agency Moody’s said in April the integration of iron ore and steel operations in Vedanta’s acquisition of Electrosteel Steels will enhance Vedanta’s profitability (see Kallanis…
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Anonymous
Very good overview of the weekly steel market.
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