 |
|
Industry News
Company NewsEssar Group to buy West Virginia coal companyThe corporation that plans an Iron Range steel plant is buying an American coal company.The Essar Group has signed an agreement to buy Trinity Coal Partners for $600 million. The purchase will give Essar mines in Kentucky and West Virginia with proven reserves of 200 million tons of coal.The India-based Essar Group is the parent corporation of Essar Steel, which plans to build a $1.65 billion taconite, direct-reduced iron and slab steel plant near Nashwauk. The coal mine purchase is part of Essar’s strategy to secure raw materials globally for its steel and power operations, according to a news release from the company. “Access to Trinity’s vast coal reserves and the opportunity to work with a team of skilled personnel will take us closer to our vision of becoming one of the lowest-cost steel producers in the world,” CEO Prashant Ruia said. “I look forward to welcoming the people of Trinity Coal to the Essar family.”Trinity Coal produces about 7 million tons of coal annually and plans to increase production to 10 million tons per year. The firm is based in Scott Depot, W. Va., and employs about 650 people at six mining complexes.
|
| Web Links | Add Directory | Indusrty News | Blogs | Free Packs | Download Softwares |
| Top Directories | Top Search Engines | Domains for Sale | Meta & Robots Info | SEO Tips |
| ©2008 E-Links.mobi | Term of Use | Privacy | About | Contact All Trademarks and Servicemarks are the properties of the site owner. |