Stemcor plans to acquire stake in a pig iron plant in Orissa

Stemcor plans to acquire stake in a pig iron plant in Orissa

According to recent news in the market, UK-based steel producer Stemcor is planning to acquire a stake in pig iron plant in Orissa which has an annual capacity of 1.5 million tons. Stemcor has initiated the negotiations however the final decision regarding the subject will be taken in December. Stemcor declined to reveal the name of the pig iron unit in which it plans to acquire a stake, however of the 25-30 operating pig iron plants in Orissa, only 2-3 have capacity over 1 million tons. Meanwhile, Stemcor has presence in India, through its subsidiary Steel Corporation of Gujarat (SCG) and a joint venture with Essar Steel and Hy-Grade Pellets.