The Iron Men - Forbes magazine featured Earthstone Group's leaders Mr Pankaj Shah and Mr Hemanshu Mehta in the September issue

Mr. Pankaj Shah, Chairman and CEO of Earthstone Group along with Mr. Hemanshu Mehta, Managing Director - Global Operations have been featured in the September 2012 issue of Forbes magazine in a double spread titled "The Iron Men - Earthstone is Developing Indonesia's Iron Ore as a Stepping Stone to Steel Production."

In this article, Forbes outlines Mr. Shah and Mr. Mehta's interest in developing iron ore mines in Indonesia for forward integration into steel. It highlights the company's plan to set up steel plants, using its own iron ore to leverage a significant cost advantage.

In the article, Mr. Shah commented, "The idea is to produce iron ore as a raw material for subsequent steel production. Some of the big players are paying $300 per tonne for ore but we can supply our steel plant at a cost below $60 per tonne."

The reason behind this is because most steel plants in Indonesia do not have their dedicated iron ore supply and 70% of the ore used to make steel is imported from countries such as Brazil and Australia.

Indonesia is one the most promising market in Asia for steel with its steel consumption growing around 20% a year in recent years. It is one of the three biggest steel consuming countries in the ASEAN region, following its large economy and population. Since the steel demand can only rise with expanded investments into property, manufacturing, and infrastructure, Earthstone foresees an opportunity to fill in this gap with locally made steel.

The article also touches upon Earthstone's globalization plan to reach out to every country that offers viable business opportunities. Mr. Shah closed with a statement, "We believe that within Indonesia there are enough business opportunities to engage in both steel and iron ore production. We may also look into power projects."

Earthstone Pankaj Shah