Skip to main content

Essar Steel's US arm signs 10 year pact with ArcelorMittal

Essar Steel Minnesota LLC (ESML), the US subsidiary of Essar Steel, has inked a 10-year agreement with ArcelorMittal USA for supply of 3.5 million tonnes (MT) annually of iron ore pellets.

Essar will supply standard and fluxed iron ore pellets to ArcelorMittal's North American operations and the supplies are expected to begin during the second half of 2013-14, according to the agreement.

However, the financial details of the agreement were not disclosed.

"This off-take agreement demonstrates the marketability of ESML's high quality products to third parties in addition to Essar Steel Algoma, Canada," ESML President and Chief Executive Officer Madhu Vuppuluri said.

ESML's diverse product portfolio includes standard, flux and DR grade iron ore pellets and the company will be the only producer capable of producing all three types of pellets in Unites States.   

ArcelorMittal, USA's Executive Vice President for Finance, Planning and Procurement John Brett said: "This off-take agreement is consistent with our strategy of securing long term supply of critical raw materials within the region, and it provides material that meets the stringent standards of our blast furnaces".   

Essar Steel Minnesota LLC has about 2 billion tonnes of measured, indicated and inferred magnetite resources located in the western end of the Mesabi Iron Range in Minnesota. Of this, about 1.7 billion tonnes are proven and probable reserves. The company also has about 290 MT of hematite resources. It is presently constructing a 7 MT per annum iron ore pellet plant at Nashwauk in Northern Minnesota, at an investment of $1.7 billion.


Sandip Ginodia
We deal in over 60 unlisted companies with 15 years of expeirence . For latest prices visit :www.abhisheksecurities.com/unlisted.htm / call : 09830271248 .


For more info and regular updates about unlisted shares and the stock market :
Like us on facebook : www.facebook.com/abhisheksecurities1 
Labels:

Comments

Post a Comment

Please leave your name and email id along with the comment .
Get the updates from this blog direct to your inbox . Fill in your email id on the home page.

Popular posts from this blog

HDFC Life inks distribution tie-up with Catholic Syrian Bank

HDFC Life  has entered into a  bancassurance  (the selling of life assurance and other insurance products and services by banking institutions) tie-up with Catholic Syrian Bank to distribute its individual life insurance products to the private lender’s customers. HDFC Life will offer its leading range of individual life insurance, health and pension products to the Catholic Syrian Bank’s  1.5 million  customer base across all its branches over a period of time. Sandip Ginodia , Director   A LTIUS INVESTECH PVT LTD | ABHISHEK SECURITIES We deal in over 60 unlisted companies with 15 years of experience . For latest prices visit :  www.abhisheksecurities.com/unlisted.htm  / call : 09830271248 . Email :  ginodiasandip1@gmail.com
1 comment
Read more

Stock broker SMC Global files for IPO

F inancial services company SMC Global Securities has filed draft red herring prospectus with SEBI for public issue of 1,58,67,380 equity shares of face value of Rs 2 each. The issue comprises a fresh issue of 79,33,690 equity shares by the company and an offer for sale of 79,33,690 shares by Millennium India Acquisition Company Inc. As of September 30, 2012, "We service our broking clients through a network of 43 branches and 2,521 registered sub-brokers and authorized persons spread in more than 500 cities and towns. We have also established an office in Dubai for brokerage and trading activities in that region," the company said. SMC has reported a loss of Rs 0.42 crore and total revenues of Rs 292.24 crore in the year ended March 31, 2012. "The proceeds of the fresh issue shall be utilised for margin maintenance with stock exchanges; part repayment of term loan; investments into subsidiary, SMC Comtrade; and general corporate purposes," according to p...
10 comments
Read more

NBI Industrial Finance Limited

NBI Industrial Finance Limited , Strand Road, Kolkata-700001 NBI Industrial Finance Limited was originally incorporated in Lahore in 1935 as The New Bank of India Limited. Dr. Ganeshi Lal Aggarwal and Mr. Kohli were the original promoters. After 1947 the Registered office was shifted to New Delhi. To provide for the losses due to partition the face value of the share was reduced from Rs. 10 to Rs. 5 . Later, The New Bank of India Ltd. was nationalised. Most of the non promoter shareholders took cash compensation. The Registered Office of the Company was shifted from Connaught Place, New Delhi to Strand Road , Kolkata. The share's face value was consolidated to Rs. 10. Share Capital : Rs. 1 cr 12 lakh Reserves : Around Rs.11 cr  NBI Industrial Finance Company is , now , the investment holding Company of Bangurs ( Benu Gopal Bangur of Shree Cement group ). They were the promoters of New Bank of India at the time of nationalisation. As the Company has holding of Shree Cement Ltd. it...
8 comments
Read more