Indian steel giant Tata Steel’s Thai subsidiary Tata Steel Thailand has announced that it has signed a definitive agreement with India-based Srijan Steel & Power Industries for the sale of plant and equipment, tools and spares relating to the mini blast furnace complex at N.T.S. Steel Group Public Company Limited, subsidiary of Tata Steel Thailand, for a consideration of $15.15 million. The buyer intends to use the mini blast furnace assets to set up a green field steel manufacturing capacity in India.
The furnace was temporarily closed in August 2011 due to high raw material prices which led to a higher operations cost at N.T.S. as compared to the scrap route. The complex has remained mothballed since 2011, while the company continues to operate steelmaking at NTS through electric arc furnace using scrap.