May 30, 2007 Lehigh Valley, Pa.
Air Products (NYSE: APD) today announced that its joint venture in India, INOX Air Products Ltd, has brought a new air separation unit (ASU) on-stream to supply gaseous products to Essar Steel, one of the top six steel producers in India.
The 900 metric tons per day (mtpd) ASU will supply oxygen, nitrogen and argon to support the increasing steel production of Essar Steel in Hazira, Gujarat State, under a long-term contract. The plant will also supply liquid products to meet the fast-growing demand in the local market, further strengthening INOX Air Products' leading merchant supplier position in India.
"This new ASU is a significant milestone for our on-site business in India. It puts us in a stronger position to meet our customers' increasing needs driven by the economic growth in both the steel-making sector and in overall manufacturing," said Pavan K. Jain, managing director of INOX Air Products.
India's crude steel production was over 44 million metric tons last year, and is one of the fastest growing markets worldwide. India's steel production is expected to surpass 70 million metric tons by 2012. The ASU at Essar Steel is the third major on-site plant that INOX Air Products has commissioned for the Indian steel industry.
"India represents a significant growth opportunity for Air Products. Our long-term contract with Essar Steel and the new plant, which is operational on schedule and on budget, demonstrates the value of our capabilities in supporting a leading steel producer," said Bob Dixon, vice president and general manager of Global Merchant Gases at Air Products. "Our investments in India include building new infrastructure and transferring technological expertise to meet the quickened pace of industrial manufacturing and infrastructure requirements in India."
Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment and is listed in the Dow Jones Sustainability and FTSE4Good Indices. The company has annual revenues of US$9 billion, operations in over 40 countries, and over 20,000 employees around the globe. For more information, visit www.airproducts.com.
INOX Air Products is Air Products' joint venture in India. The company has more than 35 operating locations and 1,200 employees throughout India.
NOTE: This release may contain forward-looking statements. Actual results could vary materially, due to changes in current expectations.