Press Trust of India / Mumbai Jun 25, 2009, 22:09 IST
Tata Steel today said that it will buy out US-based Ryerson Tulls 50 per cent stake in the steel processing joint venture Tata Ryerson for around $49 million.
"We have entered into an agreement today. The ballpark figure for the acquisition is $49 million," Tata Steel's Group Chief Executive Officer Koushik Chatterjee said here.
Post-acquisition of stake, Tata Ryerson would become a wholly-owned subsidiary of Tata Steel.
Starting its journey in 1997 with a small unit at Bara in Jamshedpur, Tata Ryerson has come a long way and clocked a turnover of Rs 1,225 crore in 2008.
With six processing units and 16 sales, Tata Ryerson is the largest steel service organisation in the country, it claimed on its website.
The company is likely to set up new plants in three locations including Chennai and plans to invest Rs 100 crore over the next two years.
Ryerson Tull is a dominant player in the steel processing and distribution business in North America.
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