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Essar Steel joins bidding for Stemcor’s Indian iron ore assets

Keywords: Tags  Essar Steel, JSW Steel, Jindal Steel & Power, Stemcor Holdings, iron ore, India ore assets, Julian Verden, Jagdish Kumar

MUMBAI, India — 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 Stemcor’s 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 company’s 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.

The company’s iron ore mine in Odisha and a pellet plant are expected to fetch around $800 million in the sale.

Stemcor’s sale of underperforming and profitable segments is part of a wider restructuring process implemented by new chief executive offer Julian Verden.

A version of this article was first published in AMM sister publication Steel First.

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