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Tata Steel: Goodwill hunting
Keywords:
Tags: Metals / Mining, India,
Tata Steel announced an impairment writeoff of $1.6 billon in May 2013 on Corus, the British steel company acquisition. The Economist cites analyst estimates that Corus is now worth a third of the $13 billion Tata Steel paid for it. Corus is losing about $1 billion in free cash flow each year. This raises questions about why the writeoff is small. Tata may be hoping to sell all or part of Corus or cede control to the banks.
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