INDUSTRY
Heavy debts put deal at risk
- Published: 28/03/2011 at 08:35 AM
- Newspaper section: Business
Risks remain that ArcelorMittal's plan to buy into G Steel Plc might falter and the local steelmaker will be forced to delist from the Stock Exchange of Thailand because of the pending restructuring of US$950 million in debts.
G Steel founder Somsak Leeswadtrakul (left) joins ArcelorMittal CEO Lakshmi Mittal (centre) at an earlier signing ceremony. Looking on at right is G Steel co-CEO Ryuzo Ogino.
G Steel chief executive Ahab Garas said the majority of the remaining outstanding debt is owed to overseas suppliers. They have so far reacted positively to negotiations but the clock is ticking as management tries to complete an agreement before the shareholders' meeting scheduled on April 27.
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About the author
- Writer: Nareerat Wiriyapong
- Position: Business Reporter
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