New Delhi: Ruias-led Essar Steel Monday said that it has acquired UK-based Servosteel, marking its first- ever buyout in that country.
“Essar Steel International BV, a subsidiary of Essar Steel Holdings Ltd, announces that it has acquired Servosteel (Oakside Solutions Ltd), the largest independent steel processor in the UK,” the company said in a statement here.
The company, however, did not disclose the buyout amount.
Servosteel has an annual steel processing capacity of 0.5 million tonnes. “The acquisition is in line with Essar Steel’s distribution strategy,” it added.
The steel service centre is based in Dudley, considered as a steel-consuming hub.
Essar Steel has a global steel production capacity of 8.6 million tonnes per annum (MTPA). Besides India, it has facilities in Canada and the USA.
The company operates seven service centres in India, Indonesia and Canada, with a total annual capacity of over 3 million tonnes.
To tap the growing steel market, Essar Steel is focusing on service centres that provide tailor-made products of the metal to consumer industries, including ones in the automobile and consumer durables sectors.