Essar Steel to purchase INI Steel units
Indian steel producer Essar Steel announced today that it would purchase wo units of South Korea's INI Steel for $100 million. In line with the deal signed between Essar and INI Steel on September 2, the units are being dismantled to be shipped to India. The plants could reportedly be built in Orissa or in Gujarat. INI Steel and Hyundai Hysco acquired the subject steelmaking units from Hanbo Steel last year. The steelmaking units, which used “Corex” steel technology, have a combined steel capacity of 2.5 million tons.