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New Delhi, Oct. 26 Essar Steel Holdings Ltd, part of Essar Global Ltd, has announced that it has completed the acquisition of Minnesota Steel LLC, a US-based steel company with estimated reserves of over 1.4 billion tonnes of iron ore.

The company in a release said the acquisition was completed after getting the necessary regulatory and environmental approvals.

“Together with Minnesota Steel and Algoma Steel, we are optimistic about creating a new and vibrant steel manufacturing capability in North America,” Mr Madhu Vuppuluri, President, Essar, North America, was quoted in the release.

The company recently acquired Canada’s Algoma Steel, which has capacity of 4 million tonnes per annum. It also plans to set up steel-making facilities in Trinidad & Tobago, Vietnam and India, besides enhancing its capacity at its plant in Hazira.

Commenting on the acquisition, Mr Shashi Ruia, Chairman, Essar Global said, “These acquisitions are in line with our strategy of having a geographical spread close to high value steel markets as well iron ore sources. Essar’s steel business is now poised to consolidate its position as a low-cost, high value producer of carbon steel.”

More Stories on : Mergers & Acquisitions | Steel | Overseas Investments

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