Thai steelmaker Sahaviriya Steel Industries (SSI) plans to use its wholly-owned subsidiary SSI UK to invest in an iron ore mine and coking coal facility in proximity to the Atlantic Ocean, Bangkok Post has reported citing SSI president Win Viriyaprapaikit.
According to Mr. Viriyaprapaikit, SSI continues to seek opportunities for a downstream steel facility in Vietnam as part of its plan to become the largest integrated manufacturer of steel plates in Southeast Asia.
"SSI UK will spearhead our international expansion, especially in Atlantic countries. The firm is located in the world's financial hub, making it easier to mobilize funds from international investors who understand the industry very well," he said.
As SteelOrbis previously reported, SSI is seeking to raise about Baht 6 billion ($199 million) in a private placement and rights issue that will contribute to the financing of the acquisition of Corus' Teesside Cast Products (TCP) in Redcar, Teesside, UK, from Indian steel giant Tata Steel, which will allow it to increase its output to 3 million mt in 2012.
"We are looking at opportunities in iron ore mines and coking coal operations in Canada, the US, Africa, Russia, Ukraine and Sweden to secure raw materials for TCP," said Win Viriyaprapaikit. "This is a part of our business plan for the next three to five years."