Essar Steel in talks for Hyundai steel unit
Indian steel producer Essar Steel reportedly began talks to acquire Hyundai Motor's steel unit, which is currently run by Hanbo Steel. Essar officials announced that they undertook a due diligence of the 3 million ton annual capacity plant in South Korea. Sources report that Essar wants to acquire the unit because the Indian company is in need of additional hot metal for a 1-million ton steel plant Essar plans to build in Hazira. If the deal goes ahead, Essar will dismantle the plant in South Korea and ship it to Hazira.