Ispat Industries to acquire a Libyan plant

Ispat Industries to acquire a Libyan plant

Market sources report that, India's Ispat Industries signed an agreement with Libya to take over Libyan state-owned steel plant Libyan Iron & Steel Company (LISCO) located in Misurata, Libya. LISCO is country's sole steel plant; consisting of two melt shops, a direct reducing plant, a three-line bar and rod mill, section mill, hot rolling and cold rolling mills, galvanizing line and coating line. The plant produces 1.32 million tons per annum. This take over is among the expansion plans of Ispat Industries, which has recently acquired a coke oven plant in Bosnia and plans to acquire country's largest steel plant BH Steel, as previously reported by SteelOrbis.