Essar Steel

Delhi High Court refuses stay on RIL's KG-D6 gas

The private steel major Essar Steel has filed a petition against Centre’s decision asking for giving top priority to fertiliser and power plants while allocating the natural gas from RIL’s KG-D6 field.

But today Delhi High Court has refused to grant a stay for the time being and has posted another hearing on May 12 because ASG sought time for responding to the petition.

The Additional Solicitor General (ASG) Mr Mukul Rohatgi of Essar Steel said that company’s reasonable concerns were ignored by the Ministry of Petroleum and Natural Gas Resources while passing the orders.

Essar Steel acquires UK-based Servosteel

Essar Steel acquires UK-based Servosteel

The Ruias-owned Essar Steel has announced that it has acquired the UK-based Servosteel. Servosteel is the largest independent steel processor in UK. The firm has per annum processing capacity of 500,000 tonne.

However, the financial aspects of the deal have not yet been disclosed. According to the Essar Steel officials, this move has been a part of the distribution strategy of the company and the company has denied disclosing the buyout amount.

Essar Steel to buy Shree Precoated for Rs 600 crore

Essar Steel to buy Shree Precoated for Rs 600 crore Essar Steel has announced that it will soon acquire Pune-based Shree Precoated Steels Ltd that makes colour coated steel products used by auto makers.

The sources indicate that the valuation of the company will around Rs 600 crore.

The sources further added that the acquisition will give Essar Steel Ltd, a foothold into the galvanized and colour coated market, making it a significant supplier to the auto-manufacturing hub in Pune.

Essar Steel To Inject $160 M Into Canadian Operations

Essar Steel is planning to invest USD160 million (nearly Rs 740 crore) into its Canadian operations to strengthen its production to 3.6 million tonnes per annum to feed demand in North America. 

According to the sources, Algoma Steel, which was acquired by Ruias-promoted Essar Group in the previous fiscal and renamed Essar Steel Algoma, is firing on all cylinders after the $42.3 million revival of its second blast furnace. 

Essar Steel To Invest Rs.20000 Cr In Brazil

Gujarat based Essar is looking to set up the new plant for the capacity of 6 ml ton a year slab making unit in the Brazil for the cost about Rs.20000 Crores. Brazil is the fastest growing market for the steel. Last year around 2.5 million cars were sold in Brazil, up 28 per cent year-on-year.

According to the reports, the company may also soon make the slabs and eventually go for finished products such as hot-rolled and cold-rolled coils to feed the growing market.