Taking advantage of the current boom in the steel sector, the Essar Group's global arm, Essar Global Limited (EGL), has entered into a joint venture with the Qatar-based Qasco to build a four million tonne steel plant, envisaging an investment of $1.25 billion. The MoU was signed by Nasser Bin Hamad Al Thani, Director and General Manager of Qasco, and Ravi Ruia, Vice Chairman of the Essar Group, in the presence of Yousef Hussain Kamal, Minister of Finance of Qatar and Chairman of the Qasco Board of Directors.