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Russian Steel Maker Severstal Wants To Acquire Mid-sized Indian Steel Producers

Severstal, Russia’s second-largest steel producer is reconnaissance around for possible acquisitions in India with a focus on mid-sized steel makers, one of the firm’s top executives told Reuters on Tuesday.

Severstal Logo
Severstal Logo

When Thomas Veraszto – Senior Vice President for Strategy and Corporate Development was speaking on the sidelines of a Handelsblatt steel conference, he said, steel assets had become more attractive following the recent cyclical downturn in the sector.

“In India we don’t expect any major mergers and acquisitions. What we are looking at is potential acquisition of targets in mid-tier players who are already in the industry but who are limited in scale,” he said.

There are about 40-50 such companies and Severstal is studying which of these fit the company’s criteria, he added.

He said Severstal has signed a memorandum of understanding (MoU) with NMDC, a state-owned company in India and the biggest iron ore producer in the country, to create a joint venture, but details such as supply and control of assets were still being thrashed out.

Lead Source URL: http://in.finance.yahoo.com/news/severstal-eyes-mid-sized-acquisitions-120743624.html

Picture Source URL: http://www.dogpile.com/search/images?fcoid=417&fcop=topnav&fpid=2&q=steel+company&ql=

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