SAIL and Kobe JV deal in 4 months

Sunday, 11 Sep 2011

Steel Authority of India Ltd is expected to sign a 50:50 joint venture agreement with Kobe Steel within 3 to 4 months that will help it acquire the Japanese company's patented technology.

Mr CS Verma chairman of SAIL after meeting West Bengal chief minister Ms Mamata Banerjee said that "We are engaged in a feasibility study about the proposed venture. We are also finalizing the JV agreement and hope to complete it in the next three to four months. Following this, we are looking at finalizing the JV.”

The two companies are in talks to set up a 0.5 million tonne Greenfield steel plant in India utilizing Kobe Steel's pioneering steel-making technology, used for value added applications.

Mr Verma said that "The 0.5 million tonne project with Kobe would be implemented at Alloy Steels Plant at Durgapur and the investment would be INR 1,500 crore.”

The new unit will put into use Kobe Steel's iron making technology to make nuggets. It will produce a special type of alloy steel which will have specific applications.

(sourced from BS)

WISCO and Century Iron Ore ink mining agreement

Thursday, 01 September 2011

On August 30, Chinese steel producer Wuhan Iron and Steel Co. (WISCO) and Canadian mining company Century Iron Ore Holdings Inc. inked a cooperation agreement to jointly develop iron ore mines in Canada.

Century Iron Ore Holdings owns three iron ore projects in Quebec, Canada. On January 13 this year, the two parties had reached a binding framework agreement on mine development.

Century Iron's three iron ore projects in Quebec will help support Wuhan's strategy of self-sufficiency when it comes to iron ore supplies, reducing its dependence on overseas suppliers. As previously reported by SteelOrbis, Wuhan plans to increase its steel production capacity to 60 million metric tons in the next four years, compared to current levels of 40 million tons.

Tags: iron ore , China , Far East , North America , investments , mining , East Asia and Pacific

Tata Steel, Nippon Steel sign deal for automotive cold-rolled flat products

Mumbai: Tata Steel Limited (TSL) and Nippon Steel Corporation (NSC) have signed a Joint Venture Agreement today to setup India’s first Continuous Annealing and Processing Line (CAPL) for the production of 600,000 tonnes per annum of automotive cold-rolled steel at Jamshedpur, India. TSL will hold 51% and NSC will hold 49% of equity capital of the Joint Venture Company. The project will be set up at a capital cost of approximately Rs 2,300 crore and is expected to come on stream in 2013.
The Joint Venture will source the steel from Tata Steel's plant in Jamshedpur and is part of Tata Steel's strategy of producing value added steel. The Joint Venture Company is expected to be incorporated within one month. The Chairman of the Joint Venture Company will be nominated by NSC and the Managing Director will be nominated by TSL.
The Joint Venture will address the localisation needs of Indian automotive customers for high-grade cold-rolled steel sheet and meet the needs of the growing Indian automotive industry.
NSC and TSL have a long history of cooperation in areas of mutual interest and this partnership is further strengthened through the formation of the Joint Venture. The Joint Venture will benefit from NSC’s world class technology for production of high-grade cold-rolled steel sheet and Tata Steel’s leadership position in the Indian automotive industry to serve its customers with innovative products & services
Source: orissadiary.com Friday, January 07, 2011