The three-way battle to control Orissa Sponge Iron and Steel Ltd has taken a new turn with Bhushan Energy Ltd's decision to offer 330 rupees per share for 20 percent stake in OSLS against Monnet Ispat's offer of Rs 310.
Other players including BNS Steel Trading Pvt. Ltd, BBN Transportation Pvt. Ltd, BNR Infotech Pvt. Ltd and BNR Consultancy Services Pvt. Ltd are also in the race to acquire stake in the firm.
The Bhubaneshwar-based Orissa Sponge holds captive iron ore and coal mines. The company is witnessing battle between Bhushan Power, Monnet Ispat and Bhushan Steel in the past one week. The final winner would be declared on May 13 for the offer opening on April 24, according to information available from Bombay Stock Exchange.
A top representative said that steel major Tata Steel is confident of saving 600 million pounds ($831 million) between October 2008 and March 2009 from the operations of its UK-subsidiary, Corus. 
Siemens VAI Metals Technologies, one of the world's leading engineering and plant-building companies for the iron and steel industry, has won an order worth euro 200 million from public sector Steel Authority of India Limited (SAIL).
McNally Bharat Engineering bagged an order worth Rs 116 crore from state-run Steel Authority of India for a water supply system project at its Burnpur plant.
India's largest steel company, Tata Steel hopes early recovery of normalcy in steel market, the worst hit segment due to decline in auto sales and customer spending, under the impact of global slowdown and recession like conditions across the world. 
In today's trading session, Tata group stocks witnessed mixed reaction from investors on news that Tata Sons, the holding company of the Tata group, has pledged shares of some of the group companies, to finance operations in a tight liquidity situation in the credit market.
