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Tata, Essar seek stake in Krakatau Steel
May 3, 2008: Tata Steel, Essar Steel and BlueScope Steel are all seeking stakes in Indonesia's state-owned producer of the metal.
The three companies, along with ArcelorMittal, the world's biggest steelmaker, have sent letters expressing their interest in buying a stake in PT Krakatau Steel. A larger partner will help Krakatau Steel gain expertise and double capacity to 5 million metric tonnes a year.
India's steel demand is expected to grow 10 per cent annually over the next five years and is likely to touch 124 million tonnes by 2012, from 50 million tonnes annually.
Source: Business Standard