Tatas likely to buy out Ryerson stake in TRyL

The Tatas are likely to buy out their partner, Ryerson Tull, US in their joint venture Tata Ryerson Ltd (TRyL).

The move follows Ryerson Tull, US putting itself up for sale in February after Harbinger Capital Partners, its single-largest shareholder, offered to transfer its holding to a slew of candidates to gain board control of the company. Several steel majors and private equity investors, including Arcelor Mittal, are believed to be interested in the steel solutions company.

Several companies have conducted due diligence prior to participating in an auction to gain controlling interest in Ryerson, reportedly valued at around $1.3 billion. Though no deadlines have been set for putting in firm bids, nor any timetable for concluding the auction, reports trickling in suggest that none of the bids was close to the desired valuation.

Read more in The DNA Money article.