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FINANCIAL NEWS
Essar Steel seeks to acquire Egypt’s Kandil
28 Jun 2010
(MENAFN) Emirates Business 24/7 said that Indian steel giant Essar Steel is currently in talks to acquire Egypt’s Kandil Steel.
Essar Steel Middle East, through its subsidiary, had announced its plans to set up a 2,50,000-tonne processing and service centre in Dubai’s Jebel Ali Free Zone in January this year to serve Essar’s expanding regional client base in sectors such as automotive, white goods, ship building and engineering.
Indian steel majors are consolidating their presence in the Middle East to cater to the strong demand for steel in the Middle East and North Africa (Mena) region, which has projected a supply shortfall of 15 million tons.
Kandil Steel makes cold and hot-rolled coil and sheets, galvanised coils and pipes for outdoor, marine and industrial appliances and caters to the Mena and European markets. It plans to reach a capacity of a million tons per year in 2010, the paper said.
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