Essar forms JV with Stemcor

Indian steelmaker Essar Steel has formed a 76:24 joint venture with UK's Stemcor to build a plate mill at Hazira, India. The mill, which will be named as Hazira Plate Mill, will be established with an estimated investment of Rupees 19.7 billion ($430 million). The technology for the mill is being provided by VAI Clecim of France. The mill, which will be designed to have an annual capacity of 1.5 million mts, is scheduled to be commissioned by the end of 2007. It will be the first plate mill of its kind in India with the capacity to produce ultra wide plates of five meter width.