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    5401   JP3381000003

NIPPON STEEL CORPORATION

(5401)
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Delayed Japan Exchange  -  01:00:00 2023-01-30 am EST
2702.00 JPY   -1.99%
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India's Essar Group is debt-free after repaying $25 billion

11/21/2022 | 06:47am EST
FILE PHOTO: The logo of Essar group is seen at its headquarters in Mumbai

NEW DELHI (Reuters) - India's Essar Group has become debt-free, having settled the remainder of its $25 billion debt after the sale of two ports and a power plant to ArcelorMittal Nippon Steel Ltd (AM/NS), the group said on Monday.

Essar, built by brothers Shashi and Ravi Ruia, has sold some of its assets in sectors such as telecom, oil refining and steel over the years to settle its $25 billion debt.

Its steel business, operated through Essar Steel, was acquired by a joint venture of ArcelorMittal and Japan's Nippon Steel & Sumitomo Metal Corp

Essar Ports and Terminals Ltd and Essar Power Ltd on Monday concluded the $2.05 billion sale of a 270 megawatt (MW) power plant and 25 million tonne per annum(mtpa) port at Hazira in the west and a 12 mtpa port at Paradip in the east to AM/NS.

"Essar has concluded its asset monetisation programme and completed the debt repayment of $25 billion effectively making the group debt-free from Indian banks and financial institutions," Prashant Ruia, director, Essar Capital, said in a statement.

AM/NS, which agreed to buy some infrastructure assets from Essar group for $2.4 billion, in a statement said that the ports and the power plant are captive to its India's operations and are expected to generate operation synergies for the company.

It said acquisition of a 515 MW gas based power plant at Hazira, 16 mtpa deep draft terminal at Visakhapatnam in southern India and a Gandhar - Hazira transmission line will be concluded after obtaining regulatory approvals.

Acquisition of these assets will help move raw materials and finished goods between the company's manufacturing facilities in western, eastern and southern India.

(Reporting by Nidhi Verma; Editing by Bernadette Baum)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ARCELORMITTAL -1.17% 29.095 Real-time Quote.19.80%
BRENT OIL -0.84% 86.35 Delayed Quote.0.12%
NIPPON STEEL CORPORATION -1.99% 2702 Delayed Quote.20.29%
WTI -0.75% 79.704 Delayed Quote.-1.29%
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Analyst Recommendations on NIPPON STEEL CORPORATION
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Financials
Sales 2023 7 796 B 60 006 M 60 006 M
Net income 2023 624 B 4 799 M 4 799 M
Net Debt 2023 1 937 B 14 910 M 14 910 M
P/E ratio 2023 4,27x
Yield 2023 6,46%
Capitalization 2 539 B 19 542 M 19 542 M
EV / Sales 2023 0,57x
EV / Sales 2024 0,56x
Nbr of Employees 106 528
Free-Float 90,9%
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Mean consensus OUTPERFORM
Number of Analysts 11
Last Close Price 2 757,00 JPY
Average target price 2 689,09 JPY
Spread / Average Target -2,46%
EPS Revisions
Managers and Directors
Eiji Hashimoto President & Representative Director
Kosei Shindo Chairman
Mutsutake Otsuka Independent Outside Director
Ichiro Fujisaki Independent Outside Director
Noriko Iki Independent Outside Director
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