The Brazilian steel producer Gerdau Group has announced the finalization of a joint venture with India-based KALYANI Group to run a steel mill - SJS Steel Plant - in Tadipatri, located in the southern Indian state of Andhra Pradesh.
Both companies will have a 45 percent stake in the JV, while the remaining 10 percent will be held by other investors.
SJS Steel Plant is a mini mill with a current annual production capacity totaling 275,000 metric tons of crude steel. In addition, the plant operates a blast furnace, a melt shop with two converters, a ladle furnace, a continuous caster and a pig iron production facility.
The Gerdau investment for the acquisition of its share in SJS Steel Plant totals approximately $71 million.