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South African IDC in talks with potential partners to compete other steelmakers
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It is reported that Industrial Development Corp. (IDC), the state lender in South Africa, is in talks with potential partners over new steel plant to compete with local steelmakers, ArcelorMittal South Africa and Evraz Highveld Steel and Vanadium.
According to Dave Cousins, IDC’s executive for mining and beneficiation, this new steel plant would produce 2.5 million tons a year and use new technology developed by IDC, helping to cut the output costs.
The company’s new technology is able to use lower grade iron ore and local coal, compare with other steelmaker’s high grade iron ore and imported hard coking coal.
IDC estimates the steel capacity in South Africa is around 9.3 million tons a year compared with consumption of 5.4 million tons a year.
News Date
6/8/2012 8:36:08 AM
reported by
Raul Lee
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