Petmin USA Inc
Petmin USA Inc is a development-stage industrial company established to produce high-quality low-cost merchant pig iron (MPI) from traditional and non-traditional raw material sources.
Petmin holds 90% of Petmin USA Inc.
Petmin USA Inc will take advantage of low-cost energy in North America, and process-specific differentiators such as the use of low-grade coal.
Petmin’s strategy is to become a pig iron manufacturing company and the dominant supplier of merchant pig iron (MPI) to the Western Hemisphere’s electric arc furnace (EAF) steel making industry.
Following a March 2018 agreement to restructure Petmin’s business relationship with its former partner Grand River Ironsands Inc (GRI) in North America Iron Corporation (NAIC), Petmin, through its newly formed subsidiary, Petmin USA Inc, now holds the rights to 90% of a planned pig-iron plant to be built at Petmin’s preferred site located in the state of Ohio in the USA.
In terms of the restructuring agreement, Petmin will retain a 10% equity stake in NAIC (Petmin previously held a 40% equity stake in NAIC).
Additionally, Petmin will hold a 10% stake in GRI’s newly incorporated firm Pure Fonte Ltée, which has reciprocal rights to develop a proposed pig iron plant in Canada.
Each party will retain the rights to use the technology and process that has been advanced over the past 7 years to make pig iron.