India's Jindal Steel signs agreement for Indonesian nickel pig iron smelter

Jindal Stainless (JSL) has reported that its nickel pig iron smelting plant located in an industrial park on the Halmahera Islands in Indonesia has started operations eight months ahead of schedule.

Thanks to the this partnership between Jindal Steel and New Yarking Pte.Ltd., a nickel pig iron smelter, aims to meet the long-term demand of nickel for stainless steel production. JSL Managing Director Abhyuday Jindal also stated that this venture secures raw material reserves outside the country.

Jindal Steel announced that it has signed a cooperation agreement with New Yaking Pte.Ltd and acquired a 49% share in the company, paying approximately USD 157 million in return.

In addition, Jindal Steel, which announced its three-way strategic investments this year, also announced that it signed an agreement with a Singapore’s company to establish a stainless steel melting plant in Indonesia.