The Qatar Steel Company has signed a memorandum of understanding (MoU) with Essar Global to build a new $1.25 billion steel plant with an annual capacity of 4 million tonnes.
The plant will be built at the Mesaieed Industrial City said a report in the Gulf News.
The MoU was signed on March 29 by Qasco director and general manager Shaikh Nasser Bin Hamad Al Thani and Ravi Ruia, vice-chairman of Essar, in the presence of the Minister of Finance and chairman of Qasco board of directors Yousuf Hussain Kamal.
The plant is expected to come online in the first half of 2008, said a company spokesperson. According to the MoU, Essar will provide high-grade iron ore pellets, the technology for manufacture and professional management to set up and manage the plant.
Essar Constructions Ltd will be the EPC contractor for this project, the Qasco release said. "Qatar is emerging as a prominent player on the international steel map. The demand for our products is rising at a rapid pace. "The expansion plans that we have in place reflect our commitment to satisfying the growing demand for Qasco products in various markets around the world," said Shaikh Nasser.
Essar Group has its headquarters in India and has an asset base of over $4.4 billion. The group has interests in a wide range of sectors including steel, shipping, power, oil, construction and telecommunication.
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