Tata Steel faces tricky financing test

摘要

Tata steel could find it difficult to refinance a US$425m loan for its Canadian unit after announcing the sale of its UK business and receiving a weak response to a US$1.5bn refinancing for a Singapore subsidiary. The group is looking to replace a US$450m nonrecourse loan for Tata Steel Minerals Canada, a JV between TS Global Minerals Holdings (94%) and Toronto-listed New Millennium Iron Corp (NML), established in 2010.