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Buying a one-million ton steel plant of Zimbabwe Iron & Steel Company (Zisco), for close to US Dollar 500million, may seem a small acquisition for any steel player, but for ESSAR India it has turned out to be a goldmine. ESSAR will have access to iron-ore reserves of 20-25 billion tons.. Enough to last its current steel capacity for a 1000 years.
It takes 1.6 tons of iron ore to make one ton of steel. And ESSAR needs 23 million ton a year.
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