The Globe and Mail, Wednesday, June 6, 2007
SONYA FATAH
NEW DELHI — Two Indian steel giants reported to be keen on Stelco Inc. have both denied any interest in buying the Canadian steel maker, which was effectively put on the market last week.
“We are interested in expanding our global access, but there is no truth in our being interested in Stelco,” said Sanjay Choudhry, chief of corporate communications at Tata Steel. “We are not interested in any acquisition at this point in time.”
Indian media reported this week that both Tata and Essar Steel Holdings were eyeing Stelco for their own needs – Tata for the firm’s mines and specialized steelmaking, and Essar for its iron-ore assets.
Essar issued a similar denial yesterday. “Stelco has circulated its memorandum of information, but I don’t even know if we have taken a look at it,” said spokesperson Manish Kedia at Essar Steel.
“We’ve just acquired Algoma and Minnesota Steel. We have our hands full at this time.”
Essar Global, the parent company of Essar Steel, acquired Canada’s Algoma Steel for $1.85-billion in April, and followed up that buyout by buying Minnesota Steel Industries for an undisclosed sum.
STELCO INC.
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