Tata Steel extending agreement with New Millennium Capital
Tata Steel, the group which is amongst the best dividend paying companies in the stock market, and is constantly on the sentinel for development plans. For the development of iron ore mines in Canada, the company is planning to extend an existing agreement with New Millennium capital.
The current agreement that Tata Steel has with the company, expired on December 31, 2010. According to the current situation, the Ratan Tata owned steel major has a 27 percent stake in 'New Millennium Capital' with 80% stake in the Direct Shipping Ore (DSO) project.
LabMag Project and the KeMag Project can also be negotiated and a proposed transaction can be settled in for, by Tata Steel in accordance with its rights.
The prices of steel will be on a hike later this month, and the expected hike is to be of 5% because of the rise in raw materials. This will be the second hike in two months for India which is regarded as the second largest growing market after China.
The prices of related products like cars and consumer products will also be moving up.
