Essar completes acquisition of Minnesota Steel
Essar Steel Holdings, part of the Ruia-controlled Essar Global, on Wednesday said that it has completed the acquisition of Minnesota Steel, a US-based steel company.
By TNN |
MUMBAI: Essar Steel Holdings, part of the Ruia-controlled Essar Global, on Wednesday said that it has completed the acquisition of Minnesota Steel, a US-based steel company with estimated reserves of over 1.4 billion tonne of iron ore.
Minnesota Steel will begin the project soon after achieving financial closure, a statement issued on Wednesday said. “This acquisition follows our purchase of Canada’s Algoma Steel earlier this year,” Essar Global chairman Shashi Ruia said. “These acquisitions are in line with our strategy of having a geographical spread close to high value steelmarkets as well iron ore sources,” he added.
Essar Steel also plans to set up set up steel making facilities in Trinidad and Tobago, Vietnam and in eastern India, besides increasing its steel capacity at its plant in Hazira.
Minnesota Steel will begin the project soon after achieving financial closure, a statement issued on Wednesday said. “This acquisition follows our purchase of Canada’s Algoma Steel earlier this year,” Essar Global chairman Shashi Ruia said. “These acquisitions are in line with our strategy of having a geographical spread close to high value steelmarkets as well iron ore sources,” he added.
Essar Steel also plans to set up set up steel making facilities in Trinidad and Tobago, Vietnam and in eastern India, besides increasing its steel capacity at its plant in Hazira.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
