ISG completes takeover of HBI plant
According to the statement released by International Steel Group (ISG), the company has recently completed the takeover of Cliffs and Associates Limited (CAL) hot briquetted iron (HBI) plant in Trinidad & Tobago. The deal has been concluded at $8 million in cash, plus assumed liabilities. The HBI plant has an annual production capacity of 500'000 mts. ISG plans to commence production at the facility in the fourth quarter of 2004. ISG officials stated that the fact that the facility is located near natural gas resources will provide inexpensive source of energy for the plant.