Fri,August5,2011
By Saurabh Chaturvedi, Dow Jones Newswires
NEW DELHI – India's Jindal Steel & Power Ltd. said Friday it has signed a pact with Rio Tinto PLC to use and jointly market the U.K.-based group's specialized technology for making steel.
Jindal Steel will use the HIsmelt technology, which produces steel using iron ore fines and non-coking coal, at its upcoming 6.0 million metric tons plant at Angul in Orissa state. This would be the first-ever commercial use of the technology anywhere in the world, the company said in a statement.
Local steel plants mainly depend on iron ore lumps and imported coking coal to produce steel as the country lacks huge reserves of the fossil fuel and the technology to utilize the abundant powdery iron ore fines. Coking coal and iron ore are two key ingredients in making steel.
According to the agreement signed Thursday, Rio Tinto will shift its pilot HIsmelt plant from Australia to Jindal Steel's Angul factory.
"The relocated plant will be fully owned by Jindal Steel, and Jindal Steel and Rio Tinto will jointly develop and market the HIsmelt technology in the future with sharing of royalties," the Indian company said.
Jindal Steel operates a 3.0 million tons a year steel plant in Chhattisgarh state and is setting up a plant of an equal capacity in Jharkhand state.
By Saurabh Chaturvedi, Dow Jones Newswires
NEW DELHI – India's Jindal Steel & Power Ltd. said Friday it has signed a pact with Rio Tinto PLC to use and jointly market the U.K.-based group's specialized technology for making steel.
Jindal Steel will use the HIsmelt technology, which produces steel using iron ore fines and non-coking coal, at its upcoming 6.0 million metric tons plant at Angul in Orissa state. This would be the first-ever commercial use of the technology anywhere in the world, the company said in a statement.
Local steel plants mainly depend on iron ore lumps and imported coking coal to produce steel as the country lacks huge reserves of the fossil fuel and the technology to utilize the abundant powdery iron ore fines. Coking coal and iron ore are two key ingredients in making steel.
According to the agreement signed Thursday, Rio Tinto will shift its pilot HIsmelt plant from Australia to Jindal Steel's Angul factory.
"The relocated plant will be fully owned by Jindal Steel, and Jindal Steel and Rio Tinto will jointly develop and market the HIsmelt technology in the future with sharing of royalties," the Indian company said.
Jindal Steel operates a 3.0 million tons a year steel plant in Chhattisgarh state and is setting up a plant of an equal capacity in Jharkhand state.
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