Tata Steel (Thailand) Public Company Ltd.
 | |
Formerly | Millennium Steel Public Company Limited (MS) |
|---|---|
| (Public company limited) | |
| Traded as | SET: TSTH |
| ISIN | 🆔 |
| Industry | Steel industry |
| Founded 📆 | |
| Founder 👔 | |
| Headquarters 🏙️ | Bangkok, Thailand[1] |
Area served 🗺️ | Thailand |
Key people | Peeyush Gupta, Chairman Rajiv Mangal, President and CEO Wanlert Kanwiwat COO [2] |
| Products 📟 | Long steel products and Engineering steel [3] |
| Members | |
Number of employees | |
| Parent | Tata Steel (through T S Global Holding Pte Ltd.)[4] |
| 🌐 Website | Official website |
| 📇 Address | |
| 📞 telephone | |
Tata Steel Thailand, formally Tata Steel (Thailand) Public Company Limited, is an iron and steel company headquartered at Bangkok, Thailand.[5]
Background[edit]
On July 12, 2002 the company was established by Tata Steel Limited as a holding company for the takeover of steel businesses of NTS Steel Group Pcl. along with The Siam Iron and Steel Co., Ltd. (SISCO) and The Siam Construction Steel Co., Ltd. (SCSC), erstwhile subsidiaries of Cementhai Holding Limited.[5]
Formation of Millennium Steel[edit]
NTS Steel Group of Thailand, founded by Sawasdi Horrungruang was saddled with debt exceeding US$2 billion when the 1997 Asian Financial crisis ended. Sawasdi's NTS Steel Group merged with the Siam Cement Group's steel unit and later got acquired by India's Tata Steel.[6][7]
Millennium Steel was formed by the merger of three companies – SISCO, SCSC and NTS Steel in 2002. At the time of merger it was then the largest steel producer in Thailand. The company was listed on the Stock Exchange of Thailand and was owned 40% by Cementhai Holding Company, and the remaining by institutional and retail investors.[8]
The cumulative capacity pegged at 1.2 million tons of steel per annum from the three operating units in Saraburi, Rayong and Chonburi provinces, through the electric arc furnaces and a long products rolling capacity was pegged at 1.7 million tons per annum.
Acquisition by Tata Steel[edit]
On December 15, 2005, Tata Steel Limited announced that it had signed Definitive Agreements with Cementhai Holding Company of Thailand to acquire its shares and invest additional equity in Millennium Steel Company.[9]
The deal was valued at US$ 404 Million with the equity value of Millennium Steel (MSC) at US$175 Million (approx.), and the company's debt at US$ 229 Million. Tata Steel purchased an additional 24.9% for approximately US$ 60 Million through the fresh issue of equity shares in MSC.[10] On April 4, 2006, Tata Steel acquired Millennium Steel Public Company Limited from Cementhai Holding Limited. Later, in the same year the company changed its name to Tata Steel (Thailland) Public Company Limited (TSTH).
On April 27, 2020 the N.T.S Steel Group Plc. has changed the company name to Tata Steel Manufacturing (Thailand) Public Company Limited (TSMT).[5][11]
Financials[edit]
In January 2019, citing debt issues and consistent losses Tata Steel, decided to sell 70 per cent stake its S.E. Asia business (NatSteel and Tata Steel Thailand) to China's state-owned HBIS Group for $327 million. But the deal fell through citing regulatory issues.[12][13]
Later in 2019, Tata Group signed a memorandum of understanding with the Private Equity firm, Synergy Metals and Mining Fund for divestment of 70% shareholding in Tata Steel (Thailand) Public Company Ltd. (excluding NatSteel)[14]
In 2021, Tata Steel decided against divesting the South East Asian businesses citing improvement in financials, including reduction in total debt and increase in the cash flow. This was confirmed through its regulatory filing where Tata Steel reclassified its S.E. Asians assets from 'held for sale' to 'continuing operations'.[15]
Products[edit]
The group manufactures round / deformed steel bars, wire rods and small section products.[16][17]
References[edit]
- ↑ www
.tatasteelthailand .com /contact-us / - ↑ www
.reuters .com /companies /TSTH .BK - ↑ www
.steelorbis .com /steel-news /latest-news /tata-steel-acquires-millennium-steel-public-co-107991 .htm - ↑ www
.tatasteelthailand .com /wp-content /uploads /2021 /07 /As-at-May-24-2021-1 .pdf - ↑ 5.0 5.1 5.2 "About Us". TATA STEEL (Thailand) PLC. Retrieved 2021-07-29.
- ↑ Limited, Bangkok Post Public Company. "'Tycoons of disaster' urge caution". Bangkok Post. Retrieved 2021-07-29.
- ↑ Limited, Bangkok Post Public Company. "A riveting drama and a new beginning". Bangkok Post. Retrieved 2021-07-30.
- ↑ "Tata Steel buys majority stake in Thailand's millennium steel". Zee News. 2005-12-16. Retrieved 2021-07-30.
- ↑ Services, Hungama Digital. "Acquisition of Millennium Steel Company, Thailand". www.tatasteel.com. Retrieved 2021-07-29.
- ↑ "It's official: Tata Steel buys Thai co for $404m". The Economic Times. Retrieved 2021-07-29.
- ↑ "Form 56-1 : Annual Registration Statements". The Securities and Exchange Commission. Retrieved 2021-07-30.
- ↑ Thomas, Suresh P. Iyengar/Thomas K. "Tata Steel finds a new buyer for Thailand unit". @businessline. Retrieved 2021-07-30.
- ↑ "Tata Group's Debt Threat". Business Today. Retrieved 2021-07-30.
- ↑ "Tata Steel Finds A New Buyer For Thailand Unit". BloombergQuint. Retrieved 2021-07-30.
- ↑ May 6, Reeba Zachariah / TNN / Updated; 2021; Ist, 11:47. "Tata Steel calls off sale of SE Asian biz - Times of India". The Times of India. Retrieved 2021-07-30.
- ↑ "Tata Steel Manufacturing Thailand PCL". |website=https://www.bloomberg.com. Unknown parameter
|url-status=ignored (help) - ↑ "Tata Steel Thailand PCL, TSTH:SET profile - FT.com". markets.ft.com. Retrieved 2021-07-30.
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