SAIL steps into S.Africa with $2.95 billion investment

Johannesburg:Steel Authority of India Ltd, with Afripalm Resources Ltd to build a 21-billion rand ($2.95-billion).

The mill will have a capacity of three million to five million metric tonnes a year and may take four to six years to build.

The country's government has for years tried to force the price of steel produced locally lower to benefit local manufacturing, with little success.

The investigation will be done over the next six months to determine the costs and full scope of the project.

Steel products manufactured in the country by the partners will be for both the domestic and export markets.