| Jindal Stainless has entered into a one-year stainless steel supply contract with the 2.5 million pound Stemcor UK.
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| The value of the contract is estimated to be $18.5 million and the agreement was signed between Ratan Jindal, vice chairman and managing director, Jindal Stainless, and Ralph Oppenheimer of Stemcor.
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| According to the contours of the agreement, Jindal Stainless would supply stainless steel hot rolled (HR)/ cold rolled (CR) products.
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| Jindal Stainless had also arranged a pre-export finance from Standard Chartered, London against this contract. This export securitisation deal was the first deal done by the company against its future exports.
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| Jindal Stainless was looking at entering into long-term contract with strategic players in the industry.
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| Meanwhile, in the domestic market, Jindal was bracing up to increase capacity in India in view of the surge in demand.
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| The company was in the process of setting up a 800,000 tonne per annum stainless steel melting facility along with a 160,000 tonne per annum ferro chrome facility in Orissa under the expansion project.
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| Jindal Stainless was also looking at tying up raw material ends and had applied for acquiring chrome ore mines with the aim of becoming cost competitive. |
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