Tata Steel takes on Mittal Steel in South Africa
06 Feb 2006
Mumbai: While L N Mittal is gearing up to take on the Europeans in his battle for Arcelor, the world''s second-largest steel maker, in South Africa Tata Steel ready to take on the world''s largest steel maker, Mittal Steel, for control of Highveld Steel.
Highveld is the second-largest steel maker in South Africa behind Mittal Steel owned by $70.6 billion London-listed mining giant Anglo American, which had appointed to Citigroup to sell its 79-per cent holding in Highveld Steel, which has a market value of £876 million.
Since November 2005 Tata Steel has been in talks with Anglo American over a possible stake sale, even as Mittal Steel SA, the country''s largest producer of steel, has also been eyeing it. Highveld is the world''s leading producer of vanadium, used in the production of alloy steels.
Highveld for Mittal Steel represent s an opportunity of a monopoly in South Africa.