Baosteel Continues Negotiations With Visa Steel For Indian Joint Venture

Baosteel continues negotiations with Visa Steel for Indian joint venture

Shanghai Baoshan Iron and Steel Group (Baosteel Group) is continuing negotiations with Indian steel company, Visa Steel Ltd., for a possible ferrochrome joint venture in India, an industry source told Interfax on June 12.

The ferrochrome plant is located in the town of Kalinganagar, in the Indian state of Orissa, and is expected to reach an annual capacity of 100,000 tons.

Visa Steel, which is listed on both the Bombay Stock Exchange and the National Stock Exchange of India, specializes in the production of alloy steel and carbon steel. The company has an annual output of 1.5 million tons of steel products.

Visa Steel is currently constructing an integrated Special and Stainless Steel Plant at the Kalinganagar Industrial Complex in Orissa and also plans to set up integrated steel plants in other mineral-rich Indian states, such as Chhattisgarh and Jharkhand, according to the company's Web site.

[source: Interfax China Metals, 15 June 2007]