NEW YORK Indian special
steel producer Visa Steel Ltd. and American metallurgical coke
producer SunCoke Energy Inc. have entered into an agreement to
build a coke plant in India.
Lisle, Ill.-based SunCoke Energy
will invest $67 million to acquire a 49-percent interest in the
joint venture. Kolkata, India-based Visa Steel will hold the
remaining 51 percent.
The transaction is expected to
close in the first quarter of 2013, subject to gaining the
required approvals, including that of Visa Steels
The plant will be located in the
eastern Indian state of Orissa.
"The demand for coke from large
and medium-sized steel producers has been increasing
substantially, and there is potential to grow the coke business
on a standalone basis," Visa Steel chairman Vishambhar Saran
The coke produced at the plant
will be sold via Visa Steel subsidiary Visa Coke Ltd.
Visa Steel has an existing fully
integrated 500,000-tonne-per-year special steel plant in
A version of this article was first published by AMM
sister publication Steel First.