Sinosteel Corp. could set up a steel plant in India

Chinese mineral trading company Sinosteel Corp. is said to be considering plans to establish a Steel plant in India with an investment of around USD 4 billion.

India is said to have the world’s fifth-biggest iron ore deposits and they could soon become the latest global company to set up their operations in India.

As per incoming reports, Sinosteel plans to invest $500 million in the planned 5 million ton plant in Jharkhand. The total investment planned would be made over a period of over eight years.

This could also be the biggest investment of its kind by a Chinese company in the Indian market. Arcelor Mittal and Posco are two other world’s leading Steel industry players to be working on their Indian plans.

Sinosteel India Managing Director Hong Sen Wang said in a statement: “We are confident that there will be enough iron ore to support our plant. We have very good relations with many sellers in India for many years.”

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