Showing posts with label Industry News. Show all posts
Showing posts with label Industry News. Show all posts

December 17, 2014

The largest Blast Furnace of India blown-in by SAIL at ISP, Burnpur

An Array of Blast Furnaces
The largest Blast Furnace in India was blown-in at Steel Authority of India Limited (SAIL’s) IISCO Steel Plant (ISP) in presence of Sri C.S. Verma, Chairman SAIL, at Burnpur. Named 'Kalyani', the state-of-the-art blast furnace has a volume of 4160 cubic meters and has become the biggest operating blast furnace in India now. Prior to this, the largest Blast Furnace of the country was installed by SAIL (Steel Authority of India Limited) at Rourkela Steel Plant (RSP) in 2013 which has a useful volume of 4060 cubic meters. The start-up of this furnace 'Kalyani' is  being considered as the culmination of a massive Modernization and Expansion work in IISCO Steel Plant (ISP) Burnpur for the installation of a state-of-the-art 2.5 MTPA steel plant.

December 3, 2014

Environmental Friendly Steel Production at Durgapur Steel Plant, a unit of SAIL

Following the commencement of successful hot trial of second Convertor with Electrostatic-Precipitator (ESP) facility at BOF Shop by the SAIL (Steel Authority of India Limited) Chairman Mr. C S Verma on 20th Nov, the step produced from it was cast in Caster No 1 producing about 100 tons of billets from all 6 stands on 21st Nov. This is the first time that a Steel Authority of India Limited (SAIL) Unit is using Electrostatic-Precipitator (ESP) facility for an environment friendly steel production.

It won’t be irrelevant to mention here that Durgapur Steel Plant (DSP), a unit of India’s steel major Government enterprise SAIL (Steel Authority of India Limited), has been able to maintain a commendable performance ever since its inception in all important production parameters. 
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August 25, 2014

SAIL - Tata Steel JV started scouting for acquisition of overseas coal assets

After acquiring a large coal property in Mozambique less than a fort-night ago, the State-run Indian steel major Steel Authority of India Ltd (SAIL) has once again geared up its activities for fresh acquisitions of overseas coking coal assets. Now it is through SAIL-Tata Steel Ltd JV (joint venture) called S&T Mining, whose main purpose would be scouting and acquisition of overseas coal assets to ensure continuous supply of coking coal, a key raw material in steel production. 
S&T Mining, a joint venture between Tata Steel and SAIL, has already invited applications for prime coking coal assets with a minimum reserve of 100 million tones giving last date to submit applications is September 10. It is open to the option of stake purchase, long-term off take or any other arrangement to secure long-term supply of coking coal. Actually the JV, S&T Mining was formed in 2008 with an aim to secure, develop, and operate coal mines for its promoters, remained largely dormant all these years. "We will be getting increasingly active over the next few months at S&T Mining and will hopefully be in a position to take up new projects," Steel Authority of India Ltd (SAIL) Chairman CS Verma said recently in a TV Channel. With international coal prices at a rock bottom, analysts feel it is the right time to pick up coking coal assets, especially for the likes of Tata Steel and SAIL, to meet their ambitious steelmaking capacity enhancement plans. SAIL is raising its capacity to 23 mt by 2015 and Tata Steel is set to commission 3 MT capacity plant at its upcoming unit in Odisha's Kalinganagar by March 2015.  
S&T Mining said it would certainly prefer mines in Australia. The company is seeking hard coking coal mines that will have an output of more than 2 MT of saleable coal per annum and a minimum asset life of 25 years. In particular, S&T Mining said it is interested in mines that are close to commissioning or one to two years from getting operative. SAIL and Tata Steel have captive coal mines, but both depend on largely imports of coking coal to meet their current requirement. SAIL relies on imports for 90 per cent of its coal needs, while Tata Steel imports 50 per cent of the coal it consumes. At present almost 80 percent of coking coal used by Indian steel industry is imported from Australia.

(Source: Excerpts from Economic Times)      

August 13, 2014

Steel Industry News: Kobe Steel and Angang signs JV to start Kobelco Angang Auto Steel Co

Kobelco Angang Auto Steel Co 

Kobe Steel and China's Angang Steel Company, a subsidiary of Anshan Iron & Steel Group Complex, have established a joint venture known as Kobelco Angang Auto Steel Co in China to produce and sell cold-rolled high-strength steel sheet which has a huge demand in automobile industry.
The two parent companies signed an agreement on 17 October, 2013, to form the joint venture and then undertook the necessary incorporation procedures to set up the new company. After receiving approval from the Chinese government, Kobe Steel and Angang Steel were able to establish Kobelco Angang Auto Steel to be headquartered at Angang’s steelworks, Anshan Base, in Anshan, Liaoning Province.
Kobelco Angang Auto Steel will construct a continuous annealing line with a production capacity of 600,000 tons per year to make cold-rolled high-strength steel with a tensile strength of 590 MPa or higher.
According to the Press Release, Angang will supply the joint venture with the substrate coils, with production slated to start in early 2016. The new company will combine Kobe Steel’s world-class automotive cold-rolled high-strength steel technology with Angang’s solid business base to meet growing demand for high-strength steel in China which also harbors the world’s largest automobile market. Total investments are anticipated to reach 1.75 billion yuan (US $291 million).
The new company Kobelco Angang Auto Steel would have a total capital of around 700 million yuan (11.6 billion yen) in which Angang Steel owns 51 percent of the venture and balance 49 percent stake by Kobe Steel. The joint venture will employ about 100 people when it reaches full operation with its Chairman from Angang.


August 10, 2014

Refractory Industry: Magnezit expanding its production facilities at Liaoning Dalmond Refractories, China

Magnezit Group Liaoning Dalmond Refractories

Magnezit Group has reported the commissioning of its second line for the production of unshaped refractories at Liaoning Dalmond Refractories, its Chinese production facility. 
With the new line, Liaoning Dalmond Refractories will become the biggest of Magnezit Group’s production sites in the country capable of manufacturing the whole range of unshaped refractories as well as oxide-carbon refractory bricks required in Steel and other Non-Ferrous metallurgical plants. 
The new production line occupies an area of more than 10 000 m2 and is intended for production of unshaped refractories for thermal vessels, including refractory masses and concrete products. The production capacity of the line amounts to 1500 MT of concrete products, 10 000 MT of refractory masses, 5000 pcs. of refractory bricks for purging units. The technical plan for the line was created by the Chinese Metallurgical Research Institute, Wuhan. The total investment into the project amounted to 16 million Yuan. 
Magnezit Group owns two production facilities in the People’s Republic of China – Wuxi Nanfang Dalmond Refractories and Liaoning Dalmond Refractories. In 2010 Magnezit Group brought production capacities of Liaoning Dalmond Refractories to the planned level of 100000 MTPA.

(Source: World Cement)

Refractory Industry News: CUMI to acquire Cellaris Refractories India 100 per cent

Murugappa Group firm Carborundum Universal Limited (CUMI) has said that the company is planning to acquire the rest of the 49% stake in its joint venture Cellaris Refractories India Ltd (CRIL), in which CUMI is currently holding 51% and Israel-based Cellaris is holding 49%. According to insider, CUMI has executed a letter of intent with Cellaris, for the purchase of 6,725,250 equity shares representing the remaining 49% of the equity capital held by Cellaris in CRIL subject to necessary approvals. The JV was set up for the production of light weight Alumina Cell for refractory / insulation application.

"Cellaris Refractories India Ltd (CRIL), currently a subsidiary will become a wholly owned subsidiary of CUMI. The change in ownership is expected to speed up scaling up at Cellaris Refractories India Ltd (CRIL) and will ensure continuity of operations and product development," said CUMI announcement to Bombay Stock exchange in the last week. Carborundum Universal Limited (CUMI) is a part of the US $3.03 billion conglomerate Murugappa Group. The group is one of India's largest family promoted, professionally managed ceramic and refractory company with 34,000 employees.

The Company pioneered the manufacture of Coated Abrasives, Bonded Abrasives and super Abrasives in India in addition to the manufacture of Super Refractories, Electro Minerals, Industrial Ceramics and Ceramic Fibers. With strategic global alliances and state- of-the-art manufacturing facilities spanning the Southern Asian region, China, Russia and Africa, CUMI has achieved a reputation for quality and innovation.

August 1, 2014

India builds warships with indigenously developed Alloy Steel DMR249A

In the last month when Rear Admiral (retd) A K Verma, CMD, Garden Reach Shipbuilders and Engineers (GRSE) formally handed over the INS Kamorta to commissioning captain Commander Manoj Jha, India touched another milestone in steel making. The day would be marked when India shed her dependency on imported high-grade steel to build warships. DMR249A, or the new category of steel made at Alloy Steel Plant (ASP), Durgapur and further strengthened at the Bhilai Steel Plant, was used to build the anti-submarine warfare corvette. Both, these Steel Plants are the units of Steel Authority of India Ltd (SAIL), a PSU, is the largest producer of iron and steel in India.

"This was the first ship of the Kamorta class of ASW corvettes. These are very advanced vessels. Garden Reach Shipbuilders and Engineers (GRSE) are presently building the three other vessels of this class. All of them will be built using DMR249A. This was a great achievement for the country. Steel Authority of India Ltd (SAIL) has developed this steel and we will no longer have to depend on imports for naval shipbuilding that will certainly go up in the days to come. Even the hull of the INS Vikrant, India's indigenous aircraft carrier that is under construction, has been built with this steel. The flight deck of the aircraft carrier has been built using a superior quality steel that was also made at the Alloy Steel Plant," a senior defence ministry official said. 

Till now, India has been primarily using Russian-made AB Steel for naval shipbuilding. With India aiming to turn into a 'Builders Navy' from a 'Buyers Navy', the country can't rely solely on imports of steel. The bulk of sensors and weapons systems on the INS Kamorta have also been supplied by Indian companies. 
Besides pricing, one has to consider changes in the global political scenario. A time may come when sanctions are imposed and exports to India are banned by countries that now supply steel for shipbuilding. Employees at GRSE were trained in ASP specially for welding this steel - DMR249A. This quality of steel was first developed in ingot form at the Heavy Engineering Corporation (HEC), Ranchi as per specifications of the Defence Metallurgical Research Laboratory. At Alloy Steel Plant Durgapur, the steel was cast into plates with an aim to build a superior quality steel. It was left to Bhilai Steel Plant to produce plates of 8-16 mm thickness without Quenching and Tempering (Q&T), through controlled rolling. The steel can absorb an impact of 78 Joules at 60 degrees below zero. As temperature reduces, the steel actually becomes tougher. This will enable the ship to sail in as low temperature as in arctic waters if the need arises. 
(Source: Excerpts from TOI)

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July 14, 2014

OCL India Commissions 2 MTPA Capacity Cement Plant in West Bengal

The marvellous journey of OCL India started when a great industrialist with far-sighted vision Jaidayalji Dalmia, set up a cement plant at Rajgangpur during 1950 - 51 at the request of government of Odisha to manufacture super grade cement for use in the construction of Hirakud dam. The origin of OCL India Limited (formerly Orissa Cement Limited) was seeded in the time that signalled India's independence. 

Today, OCL India Ltd, the flagship associate company of Dalmia Cement Bharat Ltd and also a major cement manufacturing organization, announced the commissioning of its third and 2 MTPA (million tonne per annum) capacity, ₹ 615 crore cement plant in West Midnapore of West Bengal.

Built on 154.43 acres, the grinding and mixing unit was formally started at an event attended by the Chief Minister of West Bengal, Ms. Mamata Banerjee, according to a company release. The unit is located at the West Bengal Industrial Development Corporation established Godapiasal Industrial Park, 81 km west of Kolkata.

This is the first unit of OCL India in West Bengal. The other two cement plants of the company are at Cuttack and Rajgangpur in Odisha with a combined production capacity of 5.35 MTPA.
OCL India has already a good share of cement market in West Bengal. 'Konark' Brand cement of OCL India has been extensively used in the construction of the prestigious Hirakud Dam in Odisha and in building some of India's largest roads, bridges and Industrial plants, construction of port facilities, restoration repairs by Archeological Survey of India in Lord Jagannath Temple at Puri, and construction and modernization of steel plants.

The current Market Capitalisation of OCL India stands at ₹ 1,552.81 crore. OCL India has reported a standalone Sales of ₹ 536.40 crore and a Net Profit of ₹ 41.64 crore for the quarter ended Mar 2014.

June 1, 2014

Refractory Industry News: Orient Refractories reported increase in NP and Sales for the quarter ended March 2014

Orient Refractories Ltd.

Orient Refractories has reported increase in net profit by 16.52 pc to ₹ 13.19 crore for the quarter ended March 2014 as against ₹ 11.32 crore during the previous quarter ended March 2013. While sales rose 17.14% to ₹ 105.03 crore for the quarter ended March 2014 as against ₹ 89.66 crore during the previous quarter ended March 2013.
For the full year ended March 2014, net profit of Orient Refractories rose by 27.69 pc to ₹ 52.85 crore as against ₹ 41.39 crore during the previous year ended March 2013. Sales rose by 12.00 pc to ₹ 403.04 crore in the year ended March 2014 as against ₹ 359.85 crore for the corresponding period last year.
Orient Refractories Ltd (ORL) headquartered in New Delhi, India, is engaged in manufacturing and catering a wide range of Refractory and Monolithic products for the iron and steel industry and enjoy large domestic and international clientele. An in-house R&D facility supports ORL’s product development initiatives.  
Orient Refractories Ltd (ORL) customers include large domestic integrated steel producers and mini steel plants that include Steel Authority of India (SAIL), Mukund Steel, Tata Steel, RINL – Vizag, Sunflag Iron, Lloyd Steel, Usha Martin and the Jindal Group. ORL has significant presence in the global market place with exports to over 35 countries across the globe including Germany, France, Spain, Turkey, Egypt, Indonesia, Saudi Arabia, Thailand, UAE and Greece.
(Source: Capital Market)

May 3, 2014

SAIL’s new grade of steel would make LPG cylinders lighter and tougher

India's largest steel producer Steel Authority of India Limited (SAIL), a PSU and Maharatna Company of Govt. of India has developed new grade of steel that will help to make domestic LPG cylinders lighter by 2.5 kgs and also tougher. SAIL's new grade steel has already got ISO quality certification and is ready for use after user trials. Normally from one tonne of steel, 62 cylinders can be made each weighing 15 kgs. But by using SAIL’s new grade, from one tonne of steel around 70 cylinders can be made. Moreover, it would be easier to shape and give a new design and look to the LPG cylinders that have remained unchanged for several decades.
The conventional domestic cylinders are made from 2.9 mm thick steel sheets. “The new steel developed and produced for domestic LPG cylinders has a higher strength to weight ratio and hence 2.44 mm thickness for the cylinder would suffice instead of 2.9 mm. This will reduce the weight of the cylinders by around 2.5 kgs,” said C. S. Verma, the SAIL chairman. SAIL has used the period of flat demand scenario in the steel sector to its advantage by focusing its energy on research and development. The new grade of steel for LPG cylinders is part of 25 new products developed by the Steel Authority of India Limited (SAIL) in 2013-14, all aimed at increasing the share of value added products in SAIL's portfolio.
Mr. Verma said, “Around 37% of our revenues are from value-added steel products at present and in the next one and a half year, we plan to increase this to 55%. This will help the company financially as well as value added products allow better realizations”.
Earlier, the petroleum ministry had a proposal of reducing weight of domestic cylinders but due to difference in the cost and efficiency mechanics the idea was dropped. There was also a plan to use stainless body for these cylinders but because of excessive cost involved for changeover forced to drop the idea. This time SAIL has been pushing very hard towards the new proposal as it would not lead to any substantial increase in steel price. SAIL has already supplied 50,000 MT of this new grade of steel to a Faridabad-based entity for fabrication of export quality LPG and other cylinders. It has now asked oil marketing companies to approve the new steel grade so that it could be commercially manufactured for domestic LPG cylinders.

(Source: The Financial Express)

April 25, 2014

Kobe Steel Starts Operation of New Hot-Metal Treatment Plant at Kakogawa Works

Kobe Steel's new Hot-Metal Treatment Plant (Kakogawa Works)

The biggest steel producer of Japan, Kobe Steel’s new hot-metal treatment plant has gone into operation in April at its Kakogawa Works in western Japan. The company previously announced that it would construct the facility to improve the production system at Kakogawa to expand sales of high-end “Only One” steel products and increase its cost competitiveness. Kobe Steel has world-class technologies for producing high value-added steel products, but also raw material processing and iron unit production including pellets, direct reduced iron, and the ITmk3® iron making process.
Hot-metal treatment is a process to remove impurities—sulfur and phosphorus—in the molten iron. The high-end steel products, such as special steel wire rod and bar, automotive high-strength steel sheet, and steel plate for the energy sector etc. produced by Kobe Steel or any steel plant, require a high degree of cleanliness. To produce these steels, hot-metal treatment is an essential process.
The new hot-metal treatment plant has two Kanbara reactors for desulfurization and one dephosphorization furnace. The Kanbara reactor uses a stirring method to desulfurize molten iron. An impeller stirs the molten iron and the agitation removes the sulfur. The new plant, together with existing equipment, enable nearly all of the molten iron to undergo hot-metal treatment and will enable Kobe Steel to further increase the production capacity of high-end Only One products.
The new hot-metal treatment plant increases the reaction efficiency during desulfurization and dephosphorization, thereby reducing the consumption of auxiliary materials for refining and improving yield. According to an estimation the new facility will enable Kakogawa Works to save approximately 6 billion yen annually. Striving to strengthen the competitiveness of its steelworks, Kobe Steel is working to raise its presence in the market and increase its profitability.

Details of Kobe Steel’s new hot-metal treatment plant at Kakogawa Works

· Total investment: About 30 billion yen
· Start-up: April 2014
· Main equipment: Two Kanbara reactors, one dephosphorization furnace

February 24, 2014

IFGL Refractories – Consolidated Quarterly Results: IFGL Refractories reported a decrease in Sales Turnover and NP for the quarter ended December 2013

IFGL Refractories Ltd.

IFGL Refractories has reported a consolidated sales turnover of ₹ 194.74 crores for the last quarter ended Dec'13 which is marginally less than that of previous quarter. The Net Profit also declined for this period which stood at ₹ 14.26 crores at the end of Dec’13 in comparison to ₹ 19.85 for the previous quarter Sept’13.
For the quarter ended Dec 2012 the consolidated sales turnover was ₹ 169.15 crores and net profit was ₹ 9.49 crores, and other income ₹ 0.47 crores.
IFGL Refractories Ltd. (IFGL), an Indian Multinational Refractory Company, is a manufacturer of Specialized Refractories and requisite Operating Systems for the Steel Industry and offers its customers Total Refractory Solution for flow control in Steel Teeming and Continuous Casting of Steel. Besides India, IFGL Refractories has manufacturing facilities in Brazil, China, Czech Republic, Germany, UK and USA.

    IFGL Refractories – Consolidated Quarterly Results (in ₹ crores)

Sales Turnover
Total Income
Op Profit
Gross Profit
Net Profit


October 18, 2013

Steel Industry News - SAIL's IISCO Steel Plant modernization nears completion

Steel Authority of India Limited (SAIL) Chairman Mr. C.S. Verma was at SAIL’s IISCO Steel Plant (ISP), Burnpur on 5th Oct’13 to review the progress the modernization and expansion work of ISP which is in the last phase of its modernization (read integrated commissioning). SAIL Expedites Modernization and Expansion of ISP, Burnpur
SAIL ISP (IISCO Steel Plant) is being upgraded and modernized with a total cost of over ₹ 16000 Crores with a target to produce about 2.9 MT of Hot Metal from this steel plant after its modernization. 
Array of SAIL Blast Furnaces
The major facilities include a new 7 meter tall Coke Oven Battery, two new Sinter Machines, a new Blast Furnace of 4060 cubic meter volume with Top Pressure Recovery Turbine, three new 150 ton Basic Oxygen Furnaces, two nos. of 6-strand Billet caster sand one 4-strand Beam Blank / Bloom caster, Universal Section Mill, Wire Rod and Bar Mill with necessary auxiliary and service facilities.
Besides the Coke Ovens Battery, SAIL Chairman also visited the Universal Section Mill, Bar Mill and the BOF (Basic Oxygen Furnace) and CCP sites.   
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SAIL News - DSP achieved record Steel Production

Durgapur Steel Plant (DSP), a unit of SAIL (Steel Authority of India) - a Maharatna PSU has done it again by clocking the best ever first half (April - Sept) performance in this year since inception of the plant. DSP recorded an an all time high first half as well as yearly production in the previous year.
Congratulating the employees for the stupendous performance, Mr. P. K. Singh, CEO, DSP said, DSP has maintained consistency on improving the performance. The focused strategy and synergy among all departments have played the key role in this achievement. With heightened optimism and collective efforts we will set yet another record in the production in the current year also".
DSP’s record achievement includes the best ever H1 production in vital items - hot metal, crude steel, saleable steel, special steel, caster, saleable steel despatch, blend mix and sinter, registering a substantial growth over the CPLY.

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August 18, 2013

IFGL Refractories reported increase in Sales Turnover and Net Profit for the last quarter June 2013

IFGL Refractories has reported a consolidated sales turnover of ₹ 181.39 crores for the last quarter ended June'13. The Net Profit of the company jumped by a whopping 717 per cent which stood at ₹ 14.80 crores at the end of June’13 in comparison to ₹ 1.81 for the previous quarter May’13.

The company reported Operating Profit and Gross Profit ₹ 24.6 crores and ₹ 25.07 crores respectively which indicate an increase of about 160 and 157 per cent respectively for the quarter ended June’13.

EPS (Earning per Share) of IFGL Refractories at ₹ 4.28 also increased considerably during the last quarter.

IFGL Refractories Ltd. (IFGL), an Indian Multinational Refractory Company, is a manufacturer of Specialized Refractories and requisite Operating Systems for the Steel Industry and offers its customers Total Refractory Solution for flow control in Steel Teeming and Continuous Casting of Steel. Besides India, IFGL Refractories has manufacturing facilities in Brazil, China, Czech Republic, Germany, UK and USA.
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August 3, 2013

Calderys Japan acquires Japanese refractory producer Tokai Ceramics

Calderys Refractory Solutions, a wholly-owned subsidiary of Imerys with more than 100 years experience in the refractory business and now a world leader in monolithic refractories delivering refractory solutions and products manufactured in its 18 production facilities spanning across 15 countries, is definitely enjoying an exciting time so far its growth and expansion are concerned in Asian refractory market.
In its effort of Asian expansion recently in July’13, Calderys Refractory Solutions signed a Joint Venture (JV) agreement with Indonesian refractory manufacturer PT Indoporlen [Read Article] and now acquired Japanese refractory producer Tokai Ceramics.
In Japan, where Calderys has had a sales office for more than 30 years, now after the acquisition of Japanese refractory producer Tokai Ceramics, Calderys Japan will start refractory production for the first time in that country. Tokai Ceramics was previously 100% owned by Covalent Materials, a leading Japanese ceramics group, and the company operates one production facility near Nagoya. This facility produces a complete range of monolithic refractories including castables, plastics, ramming mix and precasts (PCPF) [read articles: Types and Nomenclature of Monolithic refractories (I)  Types and Classification of Monolithic refractories (II)].
Tokai Ceramics also brings to Calderys Japan an existing customer base in Japanese Refractory market especially in the ferrous and aluminium foundry industries, as well as providing opportunities for expansion into the Electric Arc Furnace, Mini-mill and Reheating Furnace using industries.

Keywords: Calderys Refractory Solutions, Tokai Ceramics, Calderys Japan, Calderys

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July 5, 2013

Essar Steel signs MOU with Harsco to become a Zero-Waste discharging company

In its stride to become a ‘zero-waste’ discharging company Essar Steel, one of the leading steel makers among private sector steel making companies in India,  has signed an mou for 15 years worth ₹ 960 crore (about $ 160 million)  with Harsco India for recovering iron from slag generated in its furnaces.
"The Agreement is for a period of 15 years valued at $ 160 million over the duration of contract. As per agreement, Harsco will recover iron from slag which can then be reused in steel making," Essar Steel today said in a statement. Moreover, after the metal is recovered, the sized slag can be used as road fill, in road-laying, brick-making, cement mix in construction, among other usages.
Essar Steel generates around one million tonnes of slag annually, which it has been using for making various construction materials till now; but the decision to rope in Harsco India, a leading firm in slag processing and metal recovery, has been taken to eliminate wastage of iron content in the slag.
"This agreement is in line with the objective of Essar Steel to become a "zero-waste" steel making company. We remain committed to the cause of sustainable development," said Rajiv Bhatnagar, Director at the Hazira Facility of Essar Steel India.
Essar Steel with a capacity of 14 million tonnes per annum (MTPA) is a fully integrated company from mining to retail and has strong downstream capability with a global presence in several countries - India, Canada, USA and Indonesia.
On the hand Harsco, headquartered in Camp Hill, Pennsylvania, is a diversified, worldwide company with more than 400 locations in 50 countries, are mainly serving to the industries fundamental to global economic progress and infrastructure development. 
 (Source: Business Line)  
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July 3, 2013

JSPL to buy Liberian Wologisi Iron Ore Mine

Jindal Steel and Power (JSPL) is in talks with Liberian government to acquire the West African country's largest iron ore mine Wologisi in which China has also shown interest. According to industry sources, the deal could be as big as $2 billion but it has not been finalised yet while a decision is expected by the end of September 2013, reported Bloomberg citing undisclosed sources.

According to the report, some lawmakers of Lofa County and a part of local media have also started raising voices against grant of the Wologisi mine to anyone, including JSPL, without ensuring jobs for Liberians as the country's unemployment rate is one of the highest in the world, sources said.

They further said that if the 
Wologisi iron ore mine deal goes through, JSPL may also go for setting up a 150 MW or 175 MW coal-based power plant in the West African country. The Wologisi mine is estimated to hold several billion tonnes of iron ore reserves, though they have not yet been certified. If the deal goes through, it would be the second acquisition for JSPL in Africa in last one year as it had acquired CIC Energy, which has thermal coal assets in Botswana, in September, 2012 and also JSPL (Jindal Steel and Power) will be the second Indian firm after Vedanta group's Sesa Goa to invest in Liberia.

Here it may be recalled that in March this year, JSPL abandoned its plans to acquire iron ore company Afferro Mining citing low grade magnetite deposits and high costs concerned with the beneficiation of the ore. Incidentally, JSPL wrote off more than $90m after shelving an iron ore project in Bolivia in 2012.

In fact, JSPL has been negotiating with many African countries for securing iron ore mines as part of its overseas expansion. In a recent interview JSPL's Managing Director and CEO Ravi Uppal told PTI "This year we have a capital expenditure target of Rs 12,000 crore for both steel and power together. Next year, it will be about Rs 11,000-12,000 crore, so it will be about Rs 24,000 crore investment in 2 years”. the company will be commissioning new steel mills in Odisha's Angul and in Oman and a new power plant of 2,400 MW capacity in Chhattisgarh's Tamnar. Together with completion of current phase of expansion, JSPL (Jindal Steel and Power) is also gearing up for doing preparatory work on its next phase of expansion, Uppal said, adding that his focus is on beginning phase-II of Angul steel plant and a 1,320 MW power plant in Jharkhand's Godda.

At present Jindal Steel and Power Limited (JSPL) is the largest coal-based producer of sponge iron in Asia and the second in the world. After the completion of current phase of expansion, this India based Steel and Power company will have steel production capacity 7.5 million tonnes per annum (MTPA) from existing 3.5 MTPA, while its power generation capacity will increase to 5,000 MW from existing 2,500 MW.

 (Source: The Business Standard)