Record steel prices help firms acquired under insolvency code out of red

Tata Steel BSL has posted a profit of Rs 913.19 crore in the December quarter, its highest since its acquisition by Tata Steel in 2018

Topics
steel prices | Insolvency and Bankruptcy Code | Steel Industry

Ishita Ayan Dutt  |  Kolkata 

A rally in steel prices to an all-time high has resulted in a stellar showing for bankrupt steel assets that were among the earliest to be auctioned under the Insolvency and Bankruptcy Code (IBC) in 2018: Tata Steel BSL (formerly Bhushan Steel) and JSW Ispat Special Products (formerly Monnet Ispat & Energy) and Vedanta-owned ESL Steel. Tata Steel BSL has posted a profit of Rs 913.19 crore in the December quarter, its highest since its acquisition by Tata Steel in 2018.

EBITDA per tonne at Rs 14,153 was an all-time high, ahead of market estimates. Tata Steel BSL had clocked a profit of ...

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First Published: Sat, January 30 2021. 06:10 IST
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