ArcelorMittal - Uttam Galva's co-promoters Now

Friday, September 4, 2009

ArcelorMittal - Uttam Galva's co-promoters Now

Steel magnate Lakshmi Niwas Mittal has got a foothold in an Indian steel company. ArcelorMittal

Netherlands

is all set to become the new co-promoter of Uttam Galva steel. The company plans to make an open offer and, if the open offer is undersubscribed, would acquire stake from Uttam Galva promoters. Uttam Galva Steel has said that both founders would have equal stake in the company.

Why is ArcelorMittal interested in Uttam Galva?

Uttam Galva has a cold-rolled mill of 1 million tonne, it has galvanised of 750,000 tonne and a colour coated mill of 100,000 tonne, which means its full capacity is about 6.5 lakh tonne of cold-rolled and by the end of this fiscal, it was looking at somewhere about 7.5 lakh of cold-rolled, which means it sets up the front capacity and gets it going from here.

As and when its other plants are up and running, Uttam Galva has an immediate capacity for the upstream to carry on from here.

S: MC

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Friday, September 4, 2009