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Industrial Products India, Industrial Manufacturers & Suppliers
 




 
   
 
 
 

Jindal, Rio Tinto sign MoU for ....

Jindal, Rio Tinto sign MoU for advanced technology


Naveen Jindal-led Jindal Steel and Power today said it has signed a Memorandum of Understanding (MoU) with global mining giant Rio Tinto to jointly work for global commercialisation of the HIsmelt technology to be used in a fully integrated steel-making facility.
"JSPL will be introducing the HIsmelt technology for the first time in the world other than a pilot plant commissioned in Australia," it said in a statement.
HIsmelt, short for high-intensity smelting, is the world's first commercial direct smelting process for making iron straight from the ore and is fully-owned by Rio Tinto.
The technology smelts iron ore fines directly using non-coking coals, and offers significant economic and environmental benefits to the steel industry, the statement said.
"We are excited to tie-up with Rio Tinto for the HIsmelt technology and look forward to developing it for usage in a fully integrated steel plant," JSPL Chairman and Managing Director Naveen Jindal said.
As per the MoU, Rio Tinto's Kwinana HIsmelt plant from Australia will also be relocated to JSPL's steel plant in Angul in Orissa, the statement further said.
The Kwinana HIsmelt plant is owned by a Joint Venture comprising Rio Tinto (60%), Nucor Corporation (25%), Mitsubishi Corporation (10%) and Shougang Corporation (5%).
The statement added that the relocated plant will be fully owned by JSPL, while both the firms -- JSPL and Rio Tinto -- will jointly develop and market the HIsmelt technology in future, with sharing of royalties.
Describing the deal with JSPL as a natural progression for the HIsmelt technology, Rio Tinto's CEO for Iron Ore and Australia, Sam Walsh said, "We believe the HIsmelt process remains the future for iron making, particularly in locations where coking coal and good quantity of iron ore lumps are not available.
"HIsmelt is suitable to the resources of India and offers huge environmental benefits to a steel maker like JSPL".
JSPL, which has an annual turnover of $2.9 billion, currently produces 3 million tonne of steel per annum and has two large plants at Angul in Orissa and at Patratu in Jharkhand. It also has a power production capacity of 1,800 MW.
In recent times, the company has been expanding its steel, power and mining businesses operations globally and now has a presence in various parts of Asia, Africa and South America.

Similarly, Rio Tinto is a leading international mining group, involved in finding, mining, and processing mineral resources and its activities span the world but are strongly represented in Australia and North America.

 
     
 
   
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