Tata Steel to bid for Stemcor's assets

Tata Steel would make a bid for buying the Indian iron ore assets of one of Britain’s largest independent steel trading companies Stemcor.

“Yes, we will make our bid,” said Tata Steel Managing Director H. M. Nerurkar when asked about the company’s stand on the issue.

The British firm has run into trouble as a result of a global slowdown in the steel industry and was in rescue talks with banks after de-faulting on more than $1 billion of loans.

The cash crunch has forced the company to offload some of its physical assets, including its iron ore mine in Odisha which could fetch an estimated $800 million.