Essar Steel signs $160 mn deal with Harsco India

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SME Times News Bureau | 05 Jul, 2013
Towards becoming a "zero-waste" firm, Essar Steel has signed a $160-million deal with Harsco India for recovering iron from the slag generated while making steel.

"The agreement is for a period of 15 years valued at $160 million over the duration of contract. As per agreement, Harsco will recover iron from slag which can then be reused in steel-making," Essar Steel said in a statement here Thursday.

Essar Steel generates around a million tonnes of slag each year and uses it to make paver blocks which are not only cheaper, but also stronger and heavier compared to cement paver blocks.

The company has been using slag for making various construction material, while the agreement with Harsco is aimed at eliminating wastage of iron content in the slag.

"This agreement is in line with the objective of Essar Steel to become a "zero-waste" company. We remain committed to the cause of sustainable development," said Rajiv Bhatnagar, director at the Hazira facility of Essar Steel India.

The company has a 10 million tonne per annum capacity plant in Hazira, Gujarat.

Essar Steel also has a presence in Canada, the US and Indonesia with a total 14 million tonnes per annum steel-making capacity.