Aaress Iron & Steel Ltd (AISL), the unit of Baldota Group, is setting up a new Rs 4,700-crore steel plant at Koppal, in northern Karnataka to cater the needs of the automobile industry and other high-value added engineering segments.

The project will be executed in two phases and the company aims to start production by mid-2010 with an initial capacity of 1.2 million tones annually. The total capacity of the plant is expected to be around 5 metric tones. 

JSW Steel has decided to further cut prices of its various steel products. It is the second time in the recent months when the company slashed the prices of its products. The prices are slashed due to decrease in demand in the international market. The global financial crisis also contributed in slashing of the price.

JSW Steel has decided to further cut prices of its various steel products. It is the second time in the recent months when the company slashed the prices of its products. The prices are slashed due to decrease in demand in the international market. The global financial crisis also contributed in slashing of the price.

Essar Steel is planning to invest 160 million US dollar to increase the capacity of Algoma Steel. Algoma Steel Inc is a106-year-old Canadian steel company which was acquired by Essar Steel in June 2007 for Canadian $1.85 billion. The company changed its name to Essar Algoma Steel Inc to represent new ownership.

In the expansion plans, the company would re-start an idle blast furnace, plate heat-treatment and a second ladle metallurgy furnace in the financial year 2009.

TATA group owned TATA Steel has bought 19.9 percent stake in New Millennium Capital, a leading Canadian miner which deals in exploration and development of iron ore properties. 

The company controls 9.1 billion tonnes of NI 43-101 taconite mineral resources in Canada and is listed with TSX Venture Exchange. The deal worth Rs 106 crore was signed between Tata Steel Global Minerals Singapore and New Millennium on Wednesday.

Tata Steel, the world’s sixth-largest steel maker has informed that its Singapore-based wholly owned indirect subsidiary ‘Global Mineral Holdings’ has entered into a binding agreement with New Millennium Capital Corporation (NML).

Canada-based NML is a publicly owned mining company, which involves in exploration and development of iron ore properties. It operates 9.1 billion tonnes of NI 43-101 taconite mineral resources – 6.9 billion tonnes measured and indicated and 2.2 billion tonnes inferred.