Tata Steel CFO: Net Debt Has Come Down To $9.5 Billion Post Riversdale Stake Sale
June 24 2011 - 7:36AM
Dow Jones News
Tata Steel Ltd. (500470.BY) has pared its net debt to $9.5
billion after selling its 26.3% stake in Australia's Riversdale
Mining Ltd. (RIV.AU) to Rio Tinto for $1.1 billion earlier this
month, a senior company executive said Friday.
"The money is in the pool. The board will decide how to use it.
Separately, you must remember we have announced a considerably
large capex plan," Koushik Chatterjee told reporters on the
sidelines of an event in Mumbai.
The company's net debt level went down as its cash reserve has
swollen by $1.1 billion to more than $3 billion post the stake
sale.
Separately, Tata Steel Managing Director Hemant Nerurkar said he
didn't expect steel product prices to rise either in this month or
in July.
- By Anirban Chowdhury, Dow Jones Newswires; 91-11-4356-3358;
prasenjit.bhattacharya@dowjones.com
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