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Thursday February 22nd 2018

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India’s Essar Steel in talks to acquire Kandil


India’s Essar Steel is reportedly in talks to acquire Kandil Steel, a mid-sized steel firm in Egypt. The former is believed to have sent feelers to Kandil Steel and is likely to offer a formal proposal to its management in the near future.

With green shoots of recovery, Indian steel majors are seen 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 tonnes. 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 tonnes per year in 2010.

Meanwhile, Arcelor Mittal may also be in the fray, according to an industry source who did not wish to be named. In an e-mail reply, an Arcelor Mittal spokesperson said the company “would not comment on speculation and rumours”.[Read More]