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Australia's BlueScope in venture with Tata Steel
By agencies
|
Thursday, 10 November 2005, 20:30 IST
SYDNEY: Two Asian steel giants BlueScope Steel and Tata Steel have set up a joint venture to develop a steel coating and product plant to meet the demand in the fast-growing Asian markets.
The 50-50 joint venture between Australia's BlueScope and India's oldest private-sector steel company will manufacture zinc and aluminum metallic coated steel, painted steel and roll-formed steel products, and provide pre-engineered buildings.
The partners will also construct a plant in Jharkhand at an estimated investment of $193 million, which will have the capacity to coat 250,000 tons steel and 150,000 tons of painting capacity. Construction of the new plant will begin in middle of the next year with production scheduled to begin in mid 2008.