Essar, India buys UK’s Servosteel

The Ruias-controlled Essar Steel on Monday acquired the UK-based steel processor Servosteel for an undisclosed amount, making it their first buyout in the country where the billionaire brothers listed their energy firm three months ago.
The acquisition cost for Servosteel, which has an annual processing capacity of 5,00,000 tonne, could be around $100 million, according to steel analysts. Servosteel is based in Dudley in the West Midlands.