Vinod Mittal will step down as the executive vice-chairman of JSW Ispat Steel in the next three months.

JSW Ispat Steel, formerly known as Ispat Industries, today recorded Rs 308.57 crore loss in the October-December quarter of the current fiscal due to a rise in raw material, power and fuel costs and steep decline in the value of rupee.

Turnaround will take 24 months, says group’s chief financial officer.

Ispat Industries will be renamed as JSW Ispat Steel, the company said today.

The Bombay High Court today directed the Centre to file response to the petition filed by Welspun Maxsteel and Ispat Industries, major producers of sponge iron, who have challenged the government move to drastically cut gas allocation to them.

Bombay High Court today directed Ministry of Petroleum and Natural Gas to give a hearing on May 11 to Welspun Maxsteel and Ispat Industries, major producers of sponge iron, on the issue of gas allocation.

The Supreme Court has declined the request of Ispat Industries and some other industrial customers of Maharashtra's power distribution company MSEDCL to readjust Rs 500 crore tariff paid by them against future billing, though the issue will decided

Ispat Industries has moved higher by 3% at Rs 22.55 after JSW Steel raised its open offer for the company.

Banks have committed to refinance nearly half of the Rs 9,500-crore debt on the books of Ispat Industries, said sources.

Ispat Industries has dipped 4% at Rs 23.25 after JSW Steel postponed its open offer for acquiring 20% stake in the company.

Pramod and Vinod Mittal, the younger sons of Mohan Lal Mittal, have for years lived in the shadow of their illustrious elder brother, Lakshmi Mittal. It seems things will remain that way, going by the loss of their crown jewel, Ispat Industries.

Who were the folks who were the most relieved when the JSW-Ispat deal closed in a Guinness record breaking time of a week? Ispat's chief lenders who together had a Rs 9,500 crore exposure in the company.

The open offer, through which the shareholders of Ispat have been offered Rs 20.54 for their every share, will close on March 3, 2011, the company said in a filing to the Bombay Stock Exchange (BSE).

JSW Steel today launched an open offer to buy 20 per cent additional equity in Ispat Industries at Rs 20.54 a share, over 3 per cent lower than closing price on the Bombay Stock Exchange (BSE) yesterday.

Ispat Industries is trading higher by 5% at Rs 22.15 after JSW Steel has made an open offer to buy up to 20% equity of the company at Rs 20.54 a share, the compnay said in a newspaper advertisement on Wednesday.

Will make open offer to minority shareholders for 20% on Tuesday.

JSW may emerge as the largest domestic steel producer as debt-stricken Ispat returns to profitability, say analysts.

Vinod takes centrestage as Pramod stays away from deal; uncertainty over the latter's continuity on Ispat board.

The sharp price movement over the past couple of weeks in the counter of Ispat Industries, now bought over by JSW Steel, suggest high operator activity in manipulating the rules.

Ispat Industries Ltd does not plan to convert pledged shares into equity as of now, Executive Director Anil Surekha told shareholders at the company's annual general meeting on Tuesday.