Tata Steel Ltd.

Tata Steel began talks with lenders, including Citigroup, to refinance as much as £3.5 billion ($5.4 billion) in loans for its UK unit. Royal Bank of Scotland, Standard Chartered and BNP Paribas are also a part of the negotiations.

The existing debt is due to be paid between 2012 and 2014 and talks may be completed early next month. Tata Steel took the loans to fund its $12.9-billion acquisition of Corus in 2007, just before the global economic slump pared demand for steel and caused banks to curtail lending.