Mumbai, November 07, 2015: Essar Steel has appointed ICICI Securities & SBI Capital Markets as advisors to help identify and induct strategic/financial investors in the Company. This decision is in addition to previously announced plans to monetise certain non-core assets to raise equity and infuse additional funds for ramping up operations to full capacity.
Essar Steel India is one of India’s leading integrated steel producers with an annual Pellet making capacity of 20 MTPA and steel making capability of 10 MTPA. Its state-of-the-art facilities comprise iron ore beneficiation, pellet making, iron making, steel making, and downstream facilities, including a cold rolling mill, a galvanising and pre-coated facility, a steel-processing facility, an extra-wide plate mill and 3 pipe mills with coating facilities. Sustainability has been given due importance and the company is on course to becoming a zero-waste company.
The global steel industry is facing major headwinds due to falling steel prices and increased exports from China. The effects of these are already being seen in North America, Canada and Europe. Major steel companies across the world are taking suitable steps to cut costs and raise money. India is no different and it is important that measures are taken now to maintain the long term health of the steel industry. It is in this context that Essar Steel has taken a proactive decision to induct strategic / financial investors into the Company.
About Essar Steel
Essar Steel India is one of India’s leading integrated steel producers with an annual production capability of 10 MTPA supported by a 20 MTPA pellet facility. The state-of-the-art facilities comprise iron ore beneficiation, Pellet making, iron making, steel making, and downstream facilities, including a cold rolling mill, a galvanizing and pre-coated facility, a steel-processing facility, an extra-wide plate mill and 3 pipe mills with coating facilities.
Essar Steel uses information technology extensively for its operation to ensure consistent quality of its products. It produces over 300 grades of steel conforming to quality standards of international certification agencies like API, ABS, NACE, Lloyd’s Register to name a few. The products, many of which are import substitute products, cater to the requirements of a wide cross section of industries.
Essar Hypermart, a pioneering initiative of Essar Steel, caters to the requirements of the SME segment, which normally does not have access to mill material directly.
Sustainability has been given due importance and the company is on course to becoming a zero-waste company.
Media contact: B.Ganesh Pai, VP – Corporate Communications, Essar Steel
Phone: +91 98197 30225, Email: email@example.com