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5 extensions?... more money for the entire plant ... more jobs... no wonder employees run to the Union when in trouble...De Dragon wrote:Love how the union is making it as if Nu-Iron is doing something underhanded by being granted extensions to acquire AMPL. Nu-Iron's parent company is a Fortune 500 company who's CEO prolly has that 20 million in his pocket at any given time, so I doubt that it is a matter of not having the money. Something else is up.
I've heard he always had a soft spot for TT and actually kept them open far longer than some of his other steel mills.Moobs wrote:Lakshmi Mittal is one of the world's richest men but he still f#$ked over the workers.
Nu-Iron withdraws bid for steel plant
Laurel Williams 7 Hrs Ago
Nu-Iron Unlimited withdrew its US$20 million bid for the former Arcelor Mittal steel plant on Friday because of bureaucratic hold ups, Newsday has learnt.
A source told Newsday the company, which had been waiting on approval from the Ministry of Finance for a foreign investor licence, had finally got fed up of being asked to provide "assurances" to the state.
The plant, located in the Point Lisas Industrial Port Development Corporation (Plipdeco), was shuttered in March 2016 and put in liquidation. Newsday contacted the liquidator, Christopher Kelshall, who declined to confirm or deny the news, instead saying to call him later. He had previously admitted to the Newsday that the bid had been held up because the government agencies handling approvals had been putting Nu-Iron "through the ringer." Finance Minister Colm Imbert declined to comment.
The bid period closed at the end of September. Nu-Iron won the bid, but the lock-out period, preventing other bids, kept being extended to facilitate the approval process. After five extensions, it finally ended on Friday. Nu-Iron's parent company, US-based Nucor, did not respond to Newsday's request for comment.
Another company, Macarri Steel Holdings Ltd, in April, made a US $27 million bid to purchase the plant but had not been entertained since the official bid period had already closed.
One of Macarri’s directors, TT businessman Unanan Persad, said Macarri is now hoping it gets to bid, creating employment for former workers, some of whom are still unemployed since the Arcelor plant closed.
“I heard (Nu-Iron withdrew) but I cannot confirm it. He (the liquidator) could go out for bids again or probably choose us, I don’t know. The ball is in the liquidator’s court. He is the one to make the decision.”
President of the Steel Workers Union of TT (SWUTT) Christopher Henry said he also heard the report of the withdrawal but is yet to confirm it.
“It is speculation at this time. If it is true, we are asking the Government to get involved and ensure that Macarri Steel is the preferred purchaser. They are offering the workers their jobs back, as well as to build three more plants,” Henry said.
Last week Henry appealed to the Finance Minister and by extension the Government to intervene and meet with SWUTT to ensure the bidding process reopens in favour of Macarri.
joker wrote:5 extensions?... more money for the entire plant ... more jobs... no wonder employees run to the Union when in trouble...De Dragon wrote:Love how the union is making it as if Nu-Iron is doing something underhanded by being granted extensions to acquire AMPL. Nu-Iron's parent company is a Fortune 500 company who's CEO prolly has that 20 million in his pocket at any given time, so I doubt that it is a matter of not having the money. Something else is up.
* u have a stag for mih..
I would not trust Steel workers unions.The_Honourable wrote:Bidding process is over but the Steel Workers Union has a problem with one of the bidders.
The_Honourable wrote:Former ArcelorMittal steel mill gets new owner
Aeternus Steel Holdings Ltd, a joint venture between local company Integrus Group and Dubai investors Cassia Group, has won the bid for the now-shuttered ArcelorMittal steel mill in Point Lisas.
The winner was announced today.
The plant was shuttered in March 2016, beginning liquidation proceedings soon after to pay off its reported $1.3 billion debt – most of which was owed to its parent, the ArcelorMittal group, which is headquartered in Luxembourg.
Speaking to Newsday, liquidator Christopher Kelshall confirmed the name of the winning bidder and said the process has now “moved through to the next stages.” “The intention is to restart in phases but (Aeternus) is interested in recommissioning the plant. It will be done over time,” Kelshall told Newsday in a phone call. He said he was still bound by confidentiality agreements, so could not much, including the value of the bid.
This is the second bid round for the plant. The first was in September 2017, but after months of waiting for approvals from relevant government authorities, the preferred bidder, Nu-Iron, a subsidiary of American steel giant Nucor, pulled out of the process. The new bid round began in January and ended in March.
Losing out was Macarri Steel Holdings Ltd, a consortium made up of local and international investors, including former steelworkers, who had petitioned to be allowed to bid and restart the plant. Speaking to Newsday this afternoon, director Unanan Persad confirmed the company’s bid – estimated to be US$27 million – was unsuccessful.
Newsday also spoke with Jai Leladharsingh, manager of the Couva-Point Lisas Chamber of Commerce, who said the organisation was not aware of who won the bid but welcomed any attempt to restart the mill. “We would be happy if the plant (restarted), earning foreign exchange for the country and hiring the former steelworkers. It would also stimulate economic activity in the Couva/California region.”
Source: https://newsday.co.tt/2019/05/01/former ... new-owner/
Wait till former Petrotrin gets rolling and a billion barrel oil find on landhydroep wrote:Hopefully this is good news for displaced workers.
Buh it just kinda funny how all these big wheels start turning as elections coming up eh? As someone said, timing is everything...
Defiant wrote:The bid to buy the plant and the purposed injection into the business to get it up and running would be different costs. It will be a gradual restart from DRI plants then meltshop, once up and running T&TEC should be in a gear.
De Dragon wrote:Defiant wrote:The bid to buy the plant and the purposed injection into the business to get it up and running would be different costs. It will be a gradual restart from DRI plants then meltshop, once up and running T&TEC should be in a gear.
I am aware of that
What makes the figure questionable is you came up with a bid, promised the moon and sky and still get blanked? The winning bidder simply stated that they will start back the plant, "over time," Maccari promised extensive expansion and re-employment.What is also peaking my attention is the local component of the successful bidder group.
Joshie23 wrote:De Dragon wrote:Defiant wrote:The bid to buy the plant and the purposed injection into the business to get it up and running would be different costs. It will be a gradual restart from DRI plants then meltshop, once up and running T&TEC should be in a gear.
I am aware of that
What makes the figure questionable is you came up with a bid, promised the moon and sky and still get blanked? The winning bidder simply stated that they will start back the plant, "over time," Maccari promised extensive expansion and re-employment.What is also peaking my attention is the local component of the successful bidder group.
Pray tell more..this seems interesting.
PNM has nothing todo about thiscomputercentral wrote:Great is the pnm
Can't say , only PNM ppl know that answer.Dizzy28 wrote:Was their any truth to the foreign investment licence of the other bidder being intentionally witheheld though MAD (maximum administrative delay) causing the winning bid to occur??
Dizzy28 wrote:Was their any truth to the foreign investment licence of the other bidder being intentionally witheheld though MAD (maximum administrative delay) causing the winning bid to occur??
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