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| TITLE |
JFE Steel to Build Iron Ore Processing Plant in Oman |
| WRITER |
administrator |
DATE |
2008-12-01 11:06:08 |
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JFE Steel to Build Iron Ore Processing Plant in Oman
Tokyo, Nov 28, 2008 (Jiji Press) - Japan's JFE Steel Corp. said Friday it will set up a joint iron ore processing plant in southern Oman with a Bahrain steelmaker.
The joint venture is capitalized at some 280 million dollars, of which 40 pct will be put up by the unit of JFE Holdings Inc. and the remainder by Foulath.
The move is designed to diversify sources of steel material supply as Japanese steelmakers are struggling to secure stable procurement amid consolidation of the global mining industry.
The new plant will have an annual production of capacity of 7 million tons of pellets, which are made from low-grade iron ore for use as a feed for blast furnaces. JFE plans to use half of the output.
JFE Steel and Foulath, owned by an investment company backed by six Middle Eastern government, will spend about 700 million dollars together on the plant scheduled to start operations in 2011.
By Jiji Press, (c) Jiji Press
Copyright � 2008 JCN. All rights reserved. A division of Japan Corporate News Network KK.
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