U.S. Steel may have interested buyer in India

[Vikrant]

Now Canada is getting Indian rupees too

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A foreign steel maker that has previously purchased a Sault Ste. Marie steel plant is interested in U.S. Steel's Canadian operations, according to a report in the Hamilton Spectator.

Essar Steel Holdings, an India-based steel company, purchased Algoma Steel in 2007 for $1.85 billion. The company's name curiously appeared in bankruptcy court documents a month earlier as a party to be notified about the progress and proceedings.

But the news should be met with "cautious optimism" as a formal bid has yet to be announced, said Ward 4 Coun. and steel sub-committee member, Sam Merulla.

"That would be a dream come true for our city," Merulla added. "At this point it's speculative."

Industry analyst Chuck Bradford said the possibility of a new bidder could throw a wrench in U.S. Steel's plans to dump the liabilities of the Canadian plants.

"A lot of people thought that U.S. Steel would probably end up buying it out of the bankruptcy… without the pensioners and debt liability," Bradford said. "But other people have to also make bids, and there are some people who could bid for just a piece, and that could make the whole thing really messy."

"And Essar, or Algoma, we're not sure which one but they're really the same, sounds like they're interested in buying."

Essar spokesperson Brenda Stenta declined to comment on a possible bid.

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U.S. Steel may have interested buyer in India-based steel maker Report - Latest Hamilton news - CBC Hamilton

 

[The Irish Ram]

Whew, I thought for a moment we were going to make steel here in this country again, and put people back to work.
Go Pacific Trade! Make India Great!

 

[Vikrant]

Whew, I thought for a moment we were going to make steel here in this country again, and put people back to work.
Go Pacific Trade! Make India Great!

It is you again. I think I remember you making similar distraught remark in another one of my threads

I have a feeling you either do not read or cannot read. Let me summarize it for you in a hope to put your mind at peace.

An Indian company called Essar is thinking of buying U.S. Steel's Canada operations. This does not mean the factory will be shipped to India. The factory will still remain in Canada and Canadians will continue to work at it as they were. By the way, for your information, this is the same company which bought a steel factory in Minnesota. That factory is still in Minnesota.

 

[aaronleland]

Whew, I thought for a moment we were going to make steel here in this country again, and put people back to work.
Go Pacific Trade! Make India Great!

It sounds as if they are only buying the plant, which would still make steel in the country. The steel mill I work at is headquartered in Luxembourg, and owned by some Indian dude. Still employs hundreds of Americans like me.

 

[HenryBHough]

Another Indian company, Tata, has just announced it is closing the steel-making facilities it bought in Britain a couple of years back. Too expensive to make steel for the world market in socialistic-leaning countries.

 

[The Irish Ram]

Whew, I thought for a moment we were going to make steel here in this country again, and put people back to work.
Go Pacific Trade! Make India Great!

It is you again. I think I remember you making similar distraught remark in another one of my threads

I have a feeling you either do not read or cannot read. Let me summarize it for you in a hope to put your mind at peace.

An Indian company called Essar is thinking of buying U.S. Steel's Canada operations. This does not mean the factory will be shipped to India. The factory will still remain in Canada and Canadians will continue to work at it as they were. By the way, for your information, this is the same company which bought a steel factory in Minnesota. That factory is still in Minnesota.

Got that. Sorta like, the uranium isn't actually IN Russia, they just realize the profits from it.........

The coal mines aren't actually IN China.......

 

[The Irish Ram]

Whew, I thought for a moment we were going to make steel here in this country again, and put people back to work.
Go Pacific Trade! Make India Great!

It sounds as if they are only buying the plant, which would still make steel in the country. The steel mill I work at is headquartered in Luxembourg, and owned by some Indian dude. Still employs hundreds of Americans like me.

That's nice. They don't in the Ohio Valley anymore. The mills here changed ownership so many times, no one wanted to accept responsibility for retirement obligations.

 

[Vikrant]

Another Indian company, Tata, has just announced it is closing the steel-making facilities it bought in Britain a couple of years back. Too expensive to make steel for the world market in socialistic-leaning countries.

TATA's prime acquisition in UK is Landrover and Jaguar. They do have some steel operation in UK but nothing like Mittal Steel.

I recall TATA's CEO calling British workers lazy. I think Brits were pretty upset about it.

 

[Vikrant]

Whew, I thought for a moment we were going to make steel here in this country again, and put people back to work.
Go Pacific Trade! Make India Great!

It sounds as if they are only buying the plant, which would still make steel in the country. The steel mill I work at is headquartered in Luxembourg, and owned by some Indian dude. Still employs hundreds of Americans like me.

That's nice. They don't in the Ohio Valley anymore. The mills here changed ownership so many times, no one wanted to accept responsibility for retirement obligations.

That is not true. When a company buys another company, all the financial obligations of bought company become the responsibility of the buyer.

 

[The Irish Ram]

It is true, I watched it happen. What the workers ended up getting was a pittance compared to what they were entitled to.

 

[Vikrant]

It is true, I watched it happen. What the workers ended up getting was a pittance compared to what they were entitled to.

Let me repeat it one more time: all the existing debts including pension obligation simply pass on to the new owner unless of course the factory goes bankrupt. That is why when someone is buying the factory, it is a good news.