Jindal Stainless to form a jv with a Chinese company
According to market reports a Chinese company is currently in talks with
India's largest
stainless steel exporter
Jindal Stainless Ltd regarding the relocation of its US subsidiary Masillon
Stainless Inc to
China.
It is known that
Jindal Stainless has been lately looking for buyers for the subsidiary located in Ohio as company had decided to leave US market due to weak market conditions. In case an agreement is reached, the plant which has an annual cold rolling capacity of 50'000 mt will be relocated to
China and
Jindal will take a majority stake in the joint venture. It is also reported that hot rolled coil to the plant may be supplied by Hissar plant in Haryana.
Currently, 61% of Masillon
Stainless Inc is held by
Jindal Stainless.