Jindal Steel & Power ‒ terminates US$2.1 billion iron ore and steel investment in Bolivia

New York, USA --- 21 June 2012 - Jindal Steel & Power Limited (JSPL) ‒ one of India's major steel producers with a significant presence in sectors like mining ‒ has started looking at coal and iron ore projects in Africa, as well as South America and Australia, as part of its aim to increase its self sufficiency in steel raw materials.

Company chairman and managing director Naveen Jindal told Reuters during a steel strategy conference here that the company wanted to raise its raw materials self-sufficiency level to 80 to 90% by 2015 from 70% currently.

His comments came just a week after the company had given the Bolivian government notice to terminate its US$2.1 billion iron ore and steel investment in the country due to the lack of support from the Bolivian government.

Source: Reuters Africa. For more information, click here.