Essar Steel in talks to acquire Egypt's Kandil

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Dubai: Essar Steel is reportedly in talks to acquire Egypt's Kandil Steel.

The Indian steel giant is believed to have sent feelers to Kandil Steel and is likely to offer a formal proposal to its management in the near future, the Emirates Business 24/7 report said, without quoting sources.

Essar Steel Middle East, through its subsidiary, had announced its plans to set up a 2,50,000-tonne processing and service centre in Dubai's Jebel Ali Free Zone in January this year to serve Essar's expanding regional client base in sectors such as automotive, white goods, ship building and engineering.

Indian steel majors are 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.
Source: PTI
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