Jindal Steel to Bid for Stake in Zimbabwe Iron

Jindal Steel & Power Ltd., India’s second-largest steelmaker chrome chemical price per ton in indiaby market value, plans a new bid for a majority stake in Zimbabwe Iron & Steel Co. to acquire metal production in the African nation. “Right now we can only say that we have an interest and that we will bid,” Sushil Maroo, deputy managing director at Jindal Steel & Power, said today in a phone interview from New Delhi without giving details.

Zimbabwe has invited bids for its 70 percent stake in the mill, once the second-biggest integrated steelmaker in sub-Saharan Africa, Industry Minister Welshman Ncube said Aug. 25. Earlier offers by Jindal Steel. and ArcelorMittal South Africa Ltd. were rejected by Zimbabwean President Robert Mugabe in May because the companies were “too big,” Ncube said. Jindal Steel, based in New Delhi, dropped as much as 2.6 percent in Mumbai trading and traded at 687.65 rupees, or 1.9 percent lower as of 10:04 a.m. local time.