China Anshan eyes $2b steel plant in India

Anshan Iron and Steel, China’s seventh biggest steelmaker, is considering building a US$2 billion steel plant in India, the Financial Times reported. Zhang Xiaogang, president of Anshan, said his company is studying the feasibility of venturing into India and collaborating with other steelmakers in a push to become the “most competitive steelmaker in the world” over the next five to ten years. Anshan’s interventional strategy may include building a plant with an annual production capacity at 2-3 million tons in India as well as a potential new plant in an African country such as Nigeria, he added. Zhang said Anshan also plans to build “at least four” steel plants in the US in collaboration with Steel Development, a start-up with which it is already cooperating on some projects in the US.