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.

Steel Authority of India (SAIL) and engineering & construction firm Larsen & Toubro (L&T) have signed a memorandum of under standing (MoU) for setting up a joint venture (JV) company to develop, manage and own captive and independent power plants, to meet the future power requirements of SAIL.

The JV company will develop a 1,600 mw (2 X 800 mw) greenfield coal- based power plant using super critical technology. In addition, the companies will keep the option to further expand capacity by 800 MW/1600 MW at the same or some other location.

Karvy Stock Broking Limited has maintained ‘sell’ rating on Steel Authority Of India Limited (SAIL) stock as there are full chances of a downward trend in this stock.

According to Karvy, investors can sell the stock between Rs 129-130 with a strict stop loss of Rs 132 to achieve an intraday target that lies between Rs 120-122. 
  
Karvy feels that SAIL stock would remain under high pressure due to existing market condition. 

The Steel Authority of India Ltd would set up a new steel processing unit in Pulwama district of Jammu and Kashmir. The state run company would invest Rs 150 cr as per its initial plans. It is disclosed by Union Steel Minister Ram Vilas Paswan on Monday. He was here in Sri nagar to lay the foundation stone of one lakh-tonne per annum unit in Lassipora Industrial estate near Sri Nagar.