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Indian rebar maker Agni Steel developing Coega steel plant
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Saturday, 19 May 2012
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Three Port Elizabeth-based businessmen have broken new ground by becoming the first wholly black owned company to operate a steel melting facility in the Eastern Cape.

The company is in the process of building a ZAR 400 million steel plant in Zone six of the Coega Industrial Development Zone.

The project is a joint venture between AGNI Steel and a local Nelson Mandela Bay BEE consortium, with the Industrial Development Corporation having a 10% stake and a further 10% being reserved for a workers' trust.

According to Ayanda Vilakazi marketing and communications manager at Coega “In the first partnership of its kind in SA”, the businessmen have partnered with one of India's biggest steel manufacturers to set up AGNI Steel SA. The plant is set to have a positive impact on the Nelson Mandela Bay and the Eastern Cape as a whole, as 800 jobs will be created once the plant is fully operational and all phases have been completed.”

The South African arm of AGNI Steel was started by brothers Mr Hassan and Mr Sharaz Khan and partner Mr Dhiroshan Moodley, who decided to explore untapped opportunities in the metal industries in SA and India.

The project will be implemented in three phases over a five year period and the plant will be operational within nine months to a year, with the steel billets produced being exported to India and other African countries during the first phase of the project. Once all three phases are completed, AGNI Steels SA will use modern technology to convert the steels billets produced into reinforced steel for local consumption and exports into Africa.

Source - iol.co.za

(www.steelguru.com)

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