Jindal Steel to establish steel plant abroad

Jindal Steel to establish steel plant abroad

Indian steel producer Jindal Steel and Power Ltd (JSPL) announced plans to set up a steel plant abroad. Sources report that the company is looking at several countries, including Iran, South America and Australia, where coal and iron ore mines are available. In line with the plans of the company, first of all, coal and iron ore mines will be acquired and then a steel plant will be established. JSPL plans to invest $2 billion in the project, which is subject to approval of necessary authorities. As previously reported by SteelOrbis, JSPL announced that it would set up steel plants in Orissa and Jharkhand. The planned steel plant in Orissa would originally have an annual production capacity of 2 million tons, while the plant in Jharkhand would have an annual production capacity of 5 million tons. There is no change in the Jharkhand project; however JSPL has recently announced that it decided to increase the capacity of the planned plant in Orissa to 6 million tons.