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India's Essar to Acquire US Steelmaker - ASHARQ AL-AWSAT English Archive
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NEW DELHI, India (AFP) – India’s Essar group has announced it will acquire US-based Minnesota Steel for an undisclosed amount in its second takeover of a North American firm this week.

Minnesota Steel plans to set up a steel plant with an annual capactiy of 2.5 million tonnes when completed at an estimated cost of 1.65 billion dollars, the companies said in a joint statement Wednesday.

Construction is expected to begin in the third quarter.

“Our investment in Minnesota Steel is exciting as it gives us a cornerstone in the North American market. From this we will further expand our global steel business,” Essar Global Chairman Shashi Ruia said.

Essar said on Monday that it would buy Canadian steelmaker Algoma for 1.58 billion dollars to tap business opportunities in North America.

Essar Global has interests in steel, oil, communications, shipping and construction.

Minnesota Steel controls iron ore resources of over 1.4 billion tonnes.

Earlier this year India’s Tata Steel bought Anglo-Dutch firm Corus for 13.7 billion dollars, a move that will make make it the world’s fifth-largest steelmaker.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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