Feb 24 2003
Indian-based Jindal Steel is reported to be in discussions with 2 US companies to sell its US operation, Massillon Stainless.
Jindal acquired Massillon in late 2000 for $3.5 million and may be able to sell it for $8 million when the deal closes in a few months as expected. The sale of the business was part of a strategy to demerge and phase out non-core investments.
The Massillon plant incorporates a 60,000 tonne cold rolled stainless plant which has been running at capacity. It produces stainless CR from hot rolled steel, some of which is sourced from Jindal’s Hisar facility in Haryana.
For more information on stainless steel, click here.