Active Stocks
Thu Mar 28 2024 14:09:24
  1. Tata Steel share price
  2. 155.95 2.03%
  1. HDFC Bank share price
  2. 1,456.40 1.09%
  1. ITC share price
  2. 431.00 0.70%
  1. Power Grid Corporation Of India share price
  2. 277.70 2.45%
  1. State Bank Of India share price
  2. 756.35 3.04%
Business News/ Companies / Essar Global takes over Minnesota Steel
BackBack

Essar Global takes over Minnesota Steel

Essar Global takes over Minnesota Steel

Premium

New Delhi: Essar Global Ltd, which holds 88% stake in Essar Steel Ltd, India’s fourth-largest steel-maker, said in a statement that it is acquiring Minnesota Steel Holdings LLC, which controls over 1.4 billion tonnes of iron-ore resources. The company did not disclose the value of the deal.

Essar said it would invest $1.6 billion (Rs6,720 crore) in a 1.5 million tonne-a-year integrated steel plant being set up by Minnesota. “Our investment in Minnesota Steel is exciting as it gives us a cornerstone in the North American market," said Shashi Ruia, chairman, Essar Global, in the statement. Minnesota Steel doesn’t have any production facilities but plans to reopen a mine in Minnesota and build a pellet plant, a direct-reduced iron plant and a steel slab mill according to a report last year in the American Metal Market journal. The report said the firm had hired an investment bank to help it find the $1.6 billion it needs for the project.

Earlier this month, Minnesota Steel got the final environmental clearance it needs for the project. This is Essar Global’s second acquisition in less than four days. Earlier this week, the company agreed to buy Canada’s Algoma Steel Inc. for $1.58 billion.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 19 Apr 2007, 01:17 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie