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Stemcor acquires Aryan Mining and Trading Corporation
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Wednesday, 29 Oct 2008

Stemcor, the world’s largest independent steel trader, announced that acting together with an Indian partner, Mr Sanjay Saraf, it has completed the acquisition of Aryan Mining and Trading Corporation.

Based in the state of Orissa, India, AMTC is an iron ore and manganese mining company formerly owned by the Kolkata based Mehta family.

The iron ore mine, located at Koira, has been developed by Stemcor since it took over the management of the company in April 2007 and is expected to produce 3 million tonnes per annum over the 350 hectare site once all required permissions are in place. AMTC is primarily supplying the growing steel industry in Orissa and neighbouring states in Eastern India.

The manganese mine, located 20 kilometers away at Mahulsukha, is expected to produce up to 20,000 tonnes per month once the required regulatory approvals are in place. The main buyers are ferromanganese and stainless steel producers.

Mr Matthew Stock MD of Stemcor India and CEO of AMTC said “This development is consistent with Stemcor’s stated strategy to invest in upstream assets in India and complements our Brahmani River Pellets Ltd beneficiation and pelletisation operation, also based in Orissa. Since assuming control in April last year, Stemcor has already increased AMTC's production from less than 100,000 tonnes per year to more than 200,000 tonnes per month. Stemcor has a long history of more than 40 years in India and this further investment in the State of Orissa will enable us to grow our iron ore and steel business even further”.

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