Don’t miss the latest developments in business and finance.

Essar buys Servosteel in its first-ever UK buyout

Image
Press Trust of India New Delhi
Last Updated : Jan 20 2013 | 12:57 AM IST

Ruias-led Essar Steel today said that it has acquired UK-based Servosteel, marking its first-ever buyout in that country.

"Essar Steel International BV, a subsidiary of Essar Steel Holdings, announces that it has acquired Servosteel (Oakside Solutions), the largest independent steel processor in the UK," the company said in a statement here.

The company, however, did not disclose the buyout amount.

Servosteel has an annual steel processing capacity of 0.5 million tonnes. "The acquisition is in line with Essar Steel's distribution strategy," it added.

The steel service centre is based in Dudley, considered as a steel-consuming hub.

Essar Steel has a global steel production capacity of 8.6 million tonnes per annum (MTPA). Besides India, it has facilities in Canada and the USA.

The company operates seven service centres in India, Indonesia and Canada, with a total annual capacity of over 3 million tonnes.

To tap the growing steel market, Essar Steel is focusing on service centres that provide tailor-made products of the metal to consumer industries, including ones in the automobile and consumer durables sectors.

Also Read

First Published: Jun 28 2010 | 5:09 PM IST

Next Story