Essar Steel to market new-grade steel to auto parts sector
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Essar Steel Ltd. (ESL), with a newly developed grade of steel that provides improved fuel efficiency, is in the process of marketing its steel products to automotive parts manufacturers. The new grade of steel is termed hot-rolled dual-phase steel which is designed by reorganizing the microstructure of the material, thereby making it stronger and lighter. This technology makes the steel an ideal material for automobile engineering, as it helps in reducing the weight of the car and enhances the fuel efficiency of the car. As India's first producer of hot-rolled dual phase steel, ESL has already signed a supply agreement with Delphi Automotive Systems, which would then supply the new grade steel-based auto components to General Motors Corp. in the U.S. ESL is also trying to market its new-grade steel to the $1 billion domestic automotive parts industry, which is a quickly growing sector and expected to reach a total of $5 billion in sales by 2008.
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