Essar Global & Tata Steel plan major investments for steel projects in Egypt

摘要

Indian steel companies have been looking overseas to acquire steel plants and raw materials as demand there and China in particular has grown. Essar Global is planning to build a steel plant in Egypt that entails an investment of 590 million dollars. Ashraf Diwidar, adviser to the Industrial Development Authority, expressed that the group had briefed an Egyptian delegation that visited India earlier in May this year on its prospective major plan. The group is expected to sign an agreement with the Egyptian government soon. Essar, with interests from telecomms to construction, last year made an unsuccessful bid for Egypt's Suez Steel. The group also plans to set up three steel plants elsewhere in the Middle East, including a joint venture to build a 1.5 million tonnes a year plant in Iran. Moreover, in April this year, the group announced it plans to buy the privately owned Minnesota Steel LLC, a U.S.-based company, and invest 1.65 billion dollars to build an integrated steel plant.