Avesta Sheffield Eyes Stainless Steel Market

Avesta Sheffield (SEA) Pte Ltd, the Singapore-based second largest stainless steel producer in the world, is targeting India's industrial sector to sell its products. Avesta plans to set up a production unit in the country for manufacturing new grades of stainless steel, Peter Peel, director (Asia Pacific), said.

The company is also planning a joint venture with an Indian producer. Avesta will prefer to have the controlling stake in such a project, Peel said.

While industrial applications are the major consumers of stainless steel in other countries, nearly 75 per cent of the product used in India is in the domestic and tensile sector.