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Ruias assure banks of fund infusion to support operations of Essar Steel

Ruias assure banks of fund infusion to support operations of Essar Steel

Debt-laden Essar Steel on Tuesday said its promoters have assured the Joint Lenders Forum (JLF) that they will infuse additional funds in the firm to support its operations and "improve capital structure".

SBI to Essar Steel: Pay up or face management change

SBI and other associate banks have warned Essar Steel to pay off the loan dues or to stay ready for the change in the management. Watch the full news story to know more! 

Essar Steel back in black; posts profit of Rs 684 cr in FY15

Ruias-promoted Essar Steel Wednesday posted a net profit of Rs 684 crore for the full fiscal ended March 31, helped by better operating margins, consolidation and higher demand for its value added steel products.

Essar restarts ops at Hudhud-hit Vizag plant

Essar Steel's captive power plant at its pellet facility in Visakhapatnam, which had taken a battering from cyclone Hudhud last October, is back on its feet.

Essar commissions Rs 6,000-cr pellet complex in Odisha

Essar Thursday announced commissioning of its Rs 6,000 crore integrated pellet complex in Odisha that will convert low-grade iron fines into pellets.

Essar Steel raises $1 bn through export securitisation

According to the integrated steel producers, the latest move will help Essar Steel de-risk its balance sheet as its revenues are dollar linked and provides a natural hedge for dollar-denominated debt.

Essar Steel Algoma concludes $1.4 bn recap & refinance

Essar Steel Algoma, the Canadian subsidiary of the Ruia-owned Essar Steel, on Tuesday said it has successfully completed the USD 1.4 billion recapitalisation and refinancing process.

Essar Group ties up funds for $1.8-bn Minnesota iron project

Essar Steel Monday said it has concluded the financing for the construction of its $1.8 billion, 7-million-tonne iron pellet project in Minnesota that also includes open-pit mining, crushing and processing of the ore.

Essar Steel bags order to supply 1.2 lakh tonne of steel pipes

Essar Steel today said it has bagged an order to supply 1.2 lakh tonnes of steel pipes to Saurashtra Narmada Avtaran Irrigation project of the Gujarat government.

NMDC hikes iron ore prices by up to Rs 300 a tonne

State-run miner NMDC has raised iron ore prices by Rs 250-300 a tonne for June allegedly aimed at cashing in on subdued domestic supply scenario, a move that might stoke steel prices.

Essar Steel plans to raise $2 bn by June to pare rupee debt

The conversion of rupee loans into dollar will also increase the tenor of repayment to an average of around 10 years, he added.

Essar Steel may raise prices by Rs 1,000/tn next month

"Essar Steel is likely to raise product prices by around Rs 1,000 per tonne next month. This is primarily cost push along with some demand uptick in the fourth quarter," according to a source.

Essar Steel promoters to infuse up to Rs 1,000 cr equity

Promoters of Essar Steel will infuse an additional equity of up to Rs 1,000 crore into the loss making steelmaker by acquiring its shares on a preferential basis.

Essar Steel hopes to raise $2 bn by FY14 end to pare Re debt

"At present, we are in talks with financial institutions. We hope to raise the money by the end of the financial year," an Essar Steel official said.

Essar Steel to raise Rs 2,241 cr by selling 3 non-core assets

The Ruias-promoted leading steelmaker has convened an extraordinary shareholders' meeting on Saturday, August 24, seeking their approval.

Essar Steel front-runner in race for Stemcor India's assets

Ruais-promoted Essar Steel is the front-runner to clinch Stemcor India's assets for which at least a dozen domestic and overseas firms, including Tata Steel, Vale are also in the fray.

SC asks Centre, Odisha to respond to plea of Essar Steel

The Supreme Court Friday sought responses from the Centre and Odisha government on a plea of Essar Steel India ltd seeking grant of mining lease to ensure iron ore supply to its integrated steel plant set up at Paradeep in the state.

Essar inks Rs 960cr pact with Harsco to recover iron from slag

Essar Steel did not mention the amount of benefit that would accrue to the company following the tie-up with Harsco India.

Essar Steel raises $1 bn overseas to lower rupee debt

Essar Steel has raised USD one billion through ECB to part-retire its rupee- denominated debt

Essar Steel gets GASCO approval for supply of pipes

"With this, Essar Steel joins the ranks of few global steel giants and is the only Indian company to have received such approval," the Ruias-promoted firm said in a statement.