While China’s companies acquire assets in Africa, the companies from Asia’s other growing giant are taking a different path. Last month, I reported how Essar Steel acquired Trinity Coal for $600 million.
Now there is news about India’s third largest steel company taking control of over 120 million tons of coking coal assets in a string of mines across West Virgina. JSW Steel plans to produce 1 million tons of coal in the first year starting from September 2010 which will go up to three million tons in the third year of operation. Much of this coal will be shipped to meet JSW’s Indian demands.
