Tata Steel CFO: Net Debt Has Come Down To $9.5 Billion Post Riversdale Stake Sale

Tata Steel Ltd. (500470.BY) has pared its net debt to $9.5 billion after selling its 26.3% stake in Australia's Riversdale Mining Ltd. (RIV.AU) to Rio Tinto for $1.1 billion earlier this month, a senior company executive said Friday.

"The money is in the pool. The board will decide how to use it. Separately, you must remember we have announced a considerably large capex plan," Koushik Chatterjee told reporters on the sidelines of an event in Mumbai.

The company's net debt level went down as its cash reserve has swollen by $1.1 billion to more than $3 billion post the stake sale.

Separately, Tata Steel Managing Director Hemant Nerurkar said he didn't expect steel product prices to rise either in this month or in July.

- By Anirban Chowdhury, Dow Jones Newswires; 91-11-4356-3358; prasenjit.bhattacharya@dowjones.com

Riversdale Mining (ASX:RIV)
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