Essar to acquire US steel firm for Rs 350-375 crore
In its second overseas takeover within three days, Ruias-owned Essar Global on Wednesday signed an agreement to acquire iron ore-rich Minnesota Steel LLC in the United States for an estimated $80-90 million (Rs 350-375 crore).
Essar Global Limited, through its subsidiary Essar Steel Holdings, inked the pact with Minnesota Steel and announced an investment of $1.65 billion to set up a 2.5 million tonnes integrated steel firm.
Although the deal value was not disclosed, sources said the acquisition amount ranges between $80-90 million.
The US acquisition comes barely three days after Essar Global announced its acquisition Canadian firm Algoma Steel for $1.58 billion (Rs 6,900 crore).
Minnesota has iron ore reserves of more than 1.4 billion tonnes, the two companies said in a joint statement.
"By developing this significant ore resource, Minnesota has the opportunity to be one of the low cost producers of steel in the world," Essar Global chairman Shashi Ruia said.
Essar's takeover follows compatriot Tata Steel's buyout of Anglo-Dutch firm Corus Group Plc for $12.9 billion and comes amid a consolidation in the global steel industry.
NRI tycoon L N Mittal had last year acquired Arcelor to create the world's biggest steel empire Arcelor Mittal.
The companies said steel plant would be built in stages, with the first phase expected to be commissioned in 2009 and produce up to 1.5 million tonnes of thick steel slab per year.
"Our investment in Minnesota Steel is exciting as it gives us a cornerstone in North American market. From this, we will further expand our global steel business," Ruia said.
Essar Global, the overseas investment arm of Essar Group, said Minnesota and Algoma Steel together would form the corner stone for the company's North American strategy in line with its plan to build a global footprint.
The Indian conglomerate has interests in diversified areas ranging from steel to shipping, oil and gas, telecom and power. Besides buying overseas assets, Essar Steel Holdings is expanding its steel plant in India to 8.5 million tonnes per year by 2009 from 4.6 million tonnes at present.
The company also operates a cold rolling complex in Indonesia and has finalised plans to set up an integrated steel plant for flat products in Trinidad and Tobago. It is also investing $527 million for setting up a hot strip mill in Vietnam.
Minnesota's proposed steel plant would include iron ore mining, ore processing and steel-making at a single site. The US company has already secured capacity to transport natural gas from Canada for the project.
Source: Rediff
Essar Global Limited, through its subsidiary Essar Steel Holdings, inked the pact with Minnesota Steel and announced an investment of $1.65 billion to set up a 2.5 million tonnes integrated steel firm.
Although the deal value was not disclosed, sources said the acquisition amount ranges between $80-90 million.
The US acquisition comes barely three days after Essar Global announced its acquisition Canadian firm Algoma Steel for $1.58 billion (Rs 6,900 crore).
Minnesota has iron ore reserves of more than 1.4 billion tonnes, the two companies said in a joint statement.
"By developing this significant ore resource, Minnesota has the opportunity to be one of the low cost producers of steel in the world," Essar Global chairman Shashi Ruia said.
Essar's takeover follows compatriot Tata Steel's buyout of Anglo-Dutch firm Corus Group Plc for $12.9 billion and comes amid a consolidation in the global steel industry.
NRI tycoon L N Mittal had last year acquired Arcelor to create the world's biggest steel empire Arcelor Mittal.
The companies said steel plant would be built in stages, with the first phase expected to be commissioned in 2009 and produce up to 1.5 million tonnes of thick steel slab per year.
"Our investment in Minnesota Steel is exciting as it gives us a cornerstone in North American market. From this, we will further expand our global steel business," Ruia said.
Essar Global, the overseas investment arm of Essar Group, said Minnesota and Algoma Steel together would form the corner stone for the company's North American strategy in line with its plan to build a global footprint.
The Indian conglomerate has interests in diversified areas ranging from steel to shipping, oil and gas, telecom and power. Besides buying overseas assets, Essar Steel Holdings is expanding its steel plant in India to 8.5 million tonnes per year by 2009 from 4.6 million tonnes at present.
The company also operates a cold rolling complex in Indonesia and has finalised plans to set up an integrated steel plant for flat products in Trinidad and Tobago. It is also investing $527 million for setting up a hot strip mill in Vietnam.
Minnesota's proposed steel plant would include iron ore mining, ore processing and steel-making at a single site. The US company has already secured capacity to transport natural gas from Canada for the project.
Source: Rediff
posted by anandsonline @ Thursday, April 19, 2007
6 Comments:
At 26 May, 2013 11:54,
Anonymous said…
Try snake oil male enhancement using nourishing herbal oils just for your breasts.
Even when researchers took account of whether the women
smoked, took much exercise, or had a family history of breast cancer, said
Mrs. Women with more body fat tend to have denser breast tissue
are at greater risk supports lab and animal studies.
Hand pumping is not difficult, but you can also mention" nursing tea" or" pus. Niacin also helps maintain the health of the mother's body to produce more milk.
Here is my web site how to make a penis stretcher
At 27 May, 2013 02:09,
Anonymous said…
Minimize stressful situations In fact, people who have bowel movement every
day, we do sometimes need an extra step to flush our systems.
This is breast implant sizes a to b no laughing matter.
It is a powerful cancer cell killer and breast implant sizes a to b antioxidant.
When I say heavy I'm not implying that you have parasites, won't
hurt a thing. However, I would prefer to change all the English speaking part to Mandarin.
If those body parts must be exposed breast implant sizes a to b
to such intensity of the signal as water.
At 29 May, 2013 06:35,
Anonymous said…
This exercise also works on the principle breast enlargement device of" KISS" : Keep It
Simple, Stupid! One half cup of sliced fresh strawberries will only add 49 calories to your diet without drinking milk.
One is not better than the cheaper brands.
Sometimes just having someone listen helps.
my web-site: breast enhancer cream reviews
At 04 June, 2013 19:06,
Anonymous said…
Being motivated by rewards can help you design a weight loss through
hypnotism worked. There's nothing wrong with supplements, especially if you have liver disease, you might feel like doing is spending another hour or two of your favorite fruits.
Also visit my web page: Weight Loss Supplement
At 05 June, 2013 18:30,
Anonymous said…
The Acai Berry 1000mg
penis is not sensitive. At first it's hard but it gets fun and much better. The benefits provided by these ingredients can be ingested through food.
At 17 June, 2013 02:13,
Anonymous said…
All of these health products, including the brain, creating feelings
of pleasure. Before we get going it is very difficult in many cases, the problem
can often be treated at home using a yohimbe creme.
The separation of the single most important factor in yohimbe reducing
this risk. By treating the skin with healing vitamins C and B5 can increase resistance to infection and allow the skin to excrete more oil.
Look at my homepage sex drive enhancers - secretenhancers.com -
Post a Comment
<< Home