The British government has said it was "not prepared" to accept an announcement by Tata Steel and its European subsidiary, Corus, that there seemed no option but to indefinitely suspend operations at one of the latter's factories in north-east England, which means loss of around 2,000 jobs.
The Tata Steel group - comprising Tata Steel and Corus Group, the European steel maker it acquired in January on Wednesday took decisive steps towards integration by setting up a new organisation structure that will become effective January 1, 2008.
Tata Steel on Wednesday said its European subsidiary Corus will be able to meet full capacity utilisation by the end of the current fiscal, riding on revival in global demand.
A statement issued on Thursday by Corus said the consultation process within the company identifies 2,045 jobs as being at risk. Some 1,500 of these are in the company's production facilities -- around 800 at the engineering steels sites, mainly Rotherham and Stocksbridge; about 370 in Corus Tubes in the UK and the Netherlands; and about 375 at downstream rolling and finishing plants in Teesside and Scotland.
Brazilian steel major makes counter-bid at 4.75 a share.
Six months after acquiring Anglo-Dutch steel giant Corus, Tata Steel has put the foreign company's aluminium business on the block.
Corus, which was acquired by Tata Steel for 6.2 billion in the beginning of this year, is eyeing global network alliances in automotive steel, as it aims to build a strong position in the international market.
Corus, which was acquired by Tata Steel for 6.2 billion pounds in the beginning of this year, is eyeing global network alliances in automotive steel, as it aims to build a strong position in the international market.
The UK takeover panel sets January 30 deadline for Tata Steel and CSN to announce revised offer for Corus.
The Indian ace drew his last round game against Ivan Sokolov to ensure that he retained the Corus Grandmasters chess title.
Anglo-Dutch steelmaker Corus has accepted a $7.7 billion takeover bid from Tata Steel, the largest Indian takeover of a foreign company.
Varin was unlikely to stay if CSN wins, while he would hold onto his position if Tata manages to acquire the company.
In its first official comment on the Corus deal since a rival bid came up, Tata Steel said on Tuesday that its offer for buying out the Anglo-Dutch steelmaker remains valid in spite of a counter bid from Brazil's CSN.
SeverStal, CSN and ThyssenKrupp may be likely bidders
A senior official of Tata Steel on Wednesday indicated that the steel major might provide a rehabilitation package for the 1,700 workers slated to lose their jobs due to the partial mothballing of its subsidiary, Corus' Teesside plant in Britain.
Corus plans to spend about $140 million for opening two mines in South Africa and Canada, which could produce 10 million tonnes of iron-ore a year by early next decade, while it is also mulling another mining project in Ivory Coast, the report said. The captive mines insulate the company from the steep rises in iron ore prices and give it a similar position as the Jamshedpur plant, it added.
'When you look at reviving private sector capex, I don't think there's a better story than steel.'
The change in the brand name can show up on the company's locations, stationary and vehicles. The rebranding process, if approved by the company, is expected to commence next summer.
Corus Group chairman Jim Leng will receive an addition payment of pound 750,000 (Rs 6.41 crore) for turning around the Anglo-Dutch steel maker in the past two years.
Rajeev Srinivasan considers the lessons from Tata Steel's acquisition of Corus.
The acquisition of Anglo-Dutch steel company Corus by Tata Steel is expected to be completed by middle of January 2007.
The Tata Steel board will meet shortly to take stock of the situation arising out of Brazilian steel-maker Companhia Siderurgica Nacional's move
Anand has not lost his last 59 games played in the Category 19 event.
Board has right to reject takeover panel's choice.
Tata Steel's European arm Corus today said it is open to dialogue for strategic tie-ups with investors having sound financials to rescue its recently mothballed Teesside Cast Products (TCP) plant in England.
"Tata Steel now anticipates that the effective date of the scheme of arrangement will be around the end of March or the first week of April 2007," it added.
'I think some of us, like Mukesh Ambani, myself and those of us who head industrial units, ought to really focus on what we can really do to make the world a safer place, maybe 50 or 100 years from now.' 'For instance, how can we deal with climate change and global warming, right now?' 'The effects of it may not be felt now; in fact, we may pay a price for it today, but it will help the generations to follow.'
The rising heat in the race between Tata Steel and Brazil's CSN to acquire Anglo-Dutch steelmaker Corus
Five-time champion and World No 3 Grandmaster Viswanathan Anand will spearhead a five-man strong Indian challenge at the prestigious Corus Chess Tournament starting in Wijk Aan Zee, The Netherlands, on Monday.
Meet Arunkumar Ramanlal Gandhi. The head of the M&A activities in the Tata Group, who called up Tata to convey Tata Steel's victory.
The board of Tata Steel, which will enter an open bidding war with Brazil's CSN for Corus on Tuesday, met in Mumbai presumably to discuss the strategy for the auction and also consider the quarterly results.
With no final offers forthcoming from Tata Steel and CSN -- the two suitors for Corus -- the UK Takeover Panel has decided to put the Anglo-Dutch steel maker under the hammer on January 30.
Corus Group Plc, on Wednesday reported a nearly three-fold jump in profit for the third quarter ended September, said it was awaiting a final offer from Brazil's CSN.
The stage appears set for a battle royale between Indian corporate giant Tata Steel and Brazil's CSN for acquisition of Anglo-Dutch steel maker Corus, with both the suitors reportedly willing to raise their bids.
P Hari Krishna registered his second successive victory even as Viswanathan Anand and Parimarjan Negi drew again on the fourth day of the Corus chess tournament, at Wijk aan Zee, near Amsterdam, on Tuesday. Anand drew his Dutch game with Hikaru Nakamura of the United States in 33 moves after the players were left with a pair of rooks and four kingside pawns.
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