Essar Steel Ltd. has joined Tata Steel Ltd., JSW Steel Ltd. and
Jindal Steel & Power Ltd. in the bidding war for Stemcor
Holdings Ltd.s Indian iron ore assets.
"We are in talks with
Stemcor and keenly looking to acquire Stemcors Indian
assets," a source at the Gujarat, India-based steel producer
told AMM sister publication Steel First. "We
have worked together in the past and have good relations with
the companys management."
Essar Steel and
Stemcor in 2001 set up a 3-million-tonne-per-year pellet plant
at Visakhapatnam, Andhra Pradesh.
Stemcor sold its stake
in the mill to Essar Steel in 2003.
iron ore mine in Odisha and a pellet plant are expected to
fetch around $800 million in the sale.
Stemcors sale of
underperforming and profitable segments is part of a wider
restructuring process implemented by new chief executive offer
A version of this
article was first published in AMM sister publication Steel