Indian steelmaker Tata Steel acquired additional 4.32pc stake in Tata Steel Minerals Canada Ltd. (TSMC) in a bid to consolidate its participation in operating iron ore mines of the latter.
TSMC was a partnership between Tata Steel, the government of Quebec in and New Millennium Iron Corp (NML).
Tata Steel, through TSMUK Limited, holds 77.68pc equity share capital and 100pc preference share capital of TSMC prior to this acquisition. NML transferred its entire stake of 4.32pc in TSMC to TSMUK.
T S Global Minerals Holdings Ptv Ltd. and TSMUK Limited, indirect subsidiaries of Tata Steel, conducted the transaction.
Recenlty, S&P Global Ratings, a credit rating company, had revised Tata Steel’s outlook to ‘stable’ from ‘negative’ on the back of solid earnings rebound.
TSMC is a mining company that and processes high-grade iron ore from mines in the Menihek region of Labrador and northern Quebec, near Schefferville in Canada.