Essar's bid for Stelco acquisition shortlisted

Our Corporate Bureau
13 July 2007

Mumbai: The overseas investment arm of the Essar Group, Essar Global's bid has been short listed along with two other bidders for the acquisition of Canadian steel maker Stelco.

The other two companies in the race are Metinvest of Ukraine and Russian steel maker OAO Severstal.

Stelco was put on the block last month.

Stelco is one of the largest Canadian steel producers with 4,300-odd employees and has two steel making units with 4.8 million tonnes of raw steel production capacity, and four steel processing facilities.

Moreover, it owns three iron ore mines which have combined reserves of 480 million tonnes for over 25 years.