Latest news with #Kabel
Yahoo
21-05-2025
- Business
- Yahoo
Steel firm insolvency on hold over possible buyer
A South Yorkshire steel company has avoided insolvency for the moment after a potential buyer was found, the High Court has heard. Speciality Steel UK (SSUK), part of the Liberty Steel Group founded by Sanjeev Gupta, employs 1,450 people and has plants in Rotherham and Sheffield. Lawyers representing SSUK said at a hearing on Wednesday that "urgent meetings" had been taking place with a "third party purchaser". Insolvency and Companies Court judge Sebastian Prentis adjourned a winding up petition for eight weeks until 16 July to allow time for the sale of the company to go through. Following the hearing, Jeffrey Kabel, Liberty Steel chief transformation officer, said the court's decision was a "positive development". The company would use the time to "finalise options, including a sale of the business" while continuing its debt restructuring plans, Mr Kabel said. "We remain committed to finding the right solution that preserves EAF [electric arc furnace] steelmaking in the UK, a vital national asset serving strategic supply chains," he said. "We recognise that change is essential to set the business on a positive trajectory and provide certainty for our creditors, employees and stakeholders." Mr Kabel said the company would use the time afforded by the adjournment to engage in "intensive discussions" to achieve an outcome which "best serves the strategic interests of the business". He added that the company had been involved in "complex debt restructuring" since the collapse of Greensill Capital in 2021, the principal financial backer of Liberty Steel's owner GFG Alliance. Roy Rickhuss, general secretary of steelworkers' union Community, said on Tuesday that workers had run out of patience and called for Mr Gupta to "invest in the business or step aside". Mr Rickhuss said: "Failed restructuring plans and broken promises from the company have become a familiar demoralising pattern, and things simply can't go on as they are. "New, responsible ownership is needed to give the business the brighter future it needs and deserves, and that can only be achieved with a decisive change at the top." Marie Tidball, Labour MP for Penistone and Stocksbridge, backed these calls, saying the Stocksbridge site needed "new, competent ownership". A spokesperson for the Department for Business and Trade said it would "closely monitor" developments, but that it was ultimately for the company to manage commercial decisions. Listen to highlights from South Yorkshire on BBC Sounds, catch up with the latest episode of Look North. Liberty Steel plants in Rotherham and Sheffield under threat Firm threatened with court action over debt claim Liberty Steel restructuring puts 440 jobs at risk
Mint
05-05-2025
- Business
- Mint
RR Kabel share price soars over 18% on strong Q4 numbers, biggest 1-day jump since listing
RR Kabel share price today: Shares of RR Kabel surged 18.4% in intraday trade on Monday, May 5, reaching ₹ 1,211 apiece after the company reported a stellar performance for the March-ended quarter (Q4FY25), with investors also cheering its capacity expansion plans. Today's rise in RR Kabel share price is also the biggest intraday jump since its listing RR Kabel posted a 64% year-on-year jump in consolidated net profit to ₹ 129 crore in Q4FY25, compared to ₹ 79 crore in the same period last year. Revenue from operations during the reporting quarter stood at ₹ 2,218 crore, up 26.6% from ₹ 1,754 crore reported in Q4FY24. The wires and cables segment, which contributes 88% of the company's total revenue, grew about 28% year-on-year. In the electrical goods segment, which sells appliances and contributes about 12% of overall sales, revenue grew by 13% in the fourth quarter, led by strong performance in fans and switches. Favorable weather between January and March boosted construction activity, driving strong demand for high-margin cables and wires, the company said. Additionally, favorable copper prices—a key raw material—and capacity expansion supported profit growth. The company has recommended a final dividend of ₹ 3.5 per equity share of face value ₹ 5 for the financial year ended March 31, 2025. Meanwhile, RR Kabel share price shares have corrected 39% from their peak of ₹ 1,901 apiece touched in May. RR Kabel shares have debuted on Indian stock exchanges in September 2023, listing at ₹ 1,180 per share compared to the issue price of ₹ 1,035. At current levels, the stock is trading 12.3% above its IPO price. The company has announced capacity expansion plans to meet rising demand, with investments targeted at both existing and new facilities. The company will add 36,000 MT per annum of capacity to its existing plant in Waghodia, Vadodara, Gujarat, by March 2028 in a phased manner. This addition, aimed at catering to increased demand, will involve an investment of approximately ₹ 1,050 crore and will be financed through a mix of internal accruals and debt. The current facility, which operates at around 79% capacity utilization, has an existing capacity of 67,200 MT per annum for both wires and cables. Additionally, RR Kabel plans to set up a new unit near its existing facility in Silvassa, Dadra & Nagar Haveli and Daman & Diu. The first phase of this project, with a capacity of 12,000 MT per annum, is expected to become operational by March 2026. The total estimated investment for the Silvassa expansion stands at ₹ 400 crore, also aimed at supporting increasing market demand, as per RR Kabel regulatory filing. Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions. First Published: 5 May 2025, 11:17 AM IST
Yahoo
05-02-2025
- Climate
- Yahoo
ODOT, AES Ohio prepare as freezing rain moves into Miami Valley
With winter weather moving in across the Miami Valley, the Ohio Department of Transportation and AES Ohio are sharing their plan to keep the community safe Wednesday night into Thursday morning. [DOWNLOAD: Free WHIO-TV News app for alerts as news breaks] News Center 7′s Mason Fletcher spoke with Loryn Bryson, who works for ODOT, and AES Ohio Communications Director Mary Ann Kabel about their plans LIVE on News Center 7 at 11. TRENDING STORIES: Man dies from injuries after being shot 'multiple' times in Moraine; 2nd man remains hospitalized Whooping cough case reported at Vandalia elementary school Area school district closes for remainder of week Originally, ODOT was not going to pre-treat roads, but as new numbers came in over the past 24 hours, they changed their plan. Trucks have been out since this afternoon putting down a brine solution, a mix of salt and water, in order to keep roads from freezing. 'Typically, it's 80 percent water to 20 percent salt. We mix it here in house and then we're able to load directly and refill as needed,' Bryson said. Each truck holds 5,000 gallons, according to Bryson. 'As soon as the ice starts to hit the ground, it's going to start immediately melting,' Bryson said. 'So it's a little bit easier on our roads.' Bryson says there are 23 trucks monitoring 23 routes, with the tankers focusing on the interstate. 'We're operating on a full crew. We're going to run a full crew through midnight and we're going to bring our overnight crews in and we'll be out as long as needed,' Bryson said. Even with ODOT's preps, it's important to take it easy on the roads, which is exactly what Dayton resident Latoya Sims is planning to do. 'I'm just making sure I drive slow, drive with caution and make sure I keep a distance behind the car and stuff like that,' Sims said. Ice can present more problems, especially for power line workers, according to AES Ohio Communications Director Mary Ann Kabel. 'That ice accumulates not only on our power lines, but on tree branches, and those tree branches, depending on the weight because ice is heavy, could fall on our power lines,' Kabel said. Kabel says their crews are fully staffed and ready for whatever Wednesday night might bring. 'We're fully equipped to restore power quickly and safely,' Kabel said. As far as power outages go, Kabel says they are not out of the question. 'We're always prepared and customers should prepare, too,' Kabel said. [SIGN UP: WHIO-TV Daily Headlines Newsletter]
