Friday, 06 Jan 2012
The steel ministry, in a departure from its stand on iron ore exports, has agreed to begin talks with Japan and South Korea on resuming exports from NMDC’s mines.
The steel ministry was under pressure from the commerce ministry to depute a delegation to the two countries and commence talks.
Even as the Union Cabinet had decided to allow NMDC to export ore to Japan and South Korea until 2014, the steel ministry had expressed a view that the exports should not be allowed as the Comptroller and Auditor General and the Income Tax Department had raised objections.
The CAG had questioned the rationale behind exporting iron ore when local demand for it is on the rise. The IT department criticised NMDC for selling at long term prices instead of spot prices and losing substantial revenues.
The steel ministry recently sought a Cabinet review on the export directive and impressed upon the commerce ministry to examine its position on exports in a scenario where steel producers were seeking more raw material security.
The view taken by the commerce ministry prevailed when Commerce Ministry Anand Sharma met Cabinet Secretary Ajit Seth in the last week of November where it was decided to continue exporting iron ore to Japan and South Korea.
The commerce ministry feared that stopping exports would dent the revenues of MMTC, the canalising agency under its administrative control.
(sourced Indianexpress.com)
Showing posts with label Indian Steel Minister. Show all posts
Showing posts with label Indian Steel Minister. Show all posts
Friday, January 6, 2012
Tuesday, December 27, 2011
Indian steel ministry seeks decision to stop NMDC iron ore
Tuesday, 27 Dec 2011
The Indian Express reported that armed with the CAG’s observations that NMDC’s iron ore exports to Japanese Steel Mills and South Korea was needless in view of growing domestic demand, the Indian steel ministry has decided to ask the union cabinet to reconsider its decision on mandating NMDC to export the mineral.
The official quoted the Chattisgarh chief minister as saying that “The chief minister said if NMDC had not exported ore to these two nations, at least 3 million tonne of additional iron ore would have been available to the state’s ore-starved sponge iron units.”
The official said that “Actually, we also have been opposing these exports from the beginning and had already conveyed our concerns to the commerce ministry, at whose behest the cabinet had okayed NMDC’s continuation of exports (till 2014). We will tell firmly that exports to these two nations are unsustainable at long term prices as it amounted to subsidizing their steel production.”
The official added that “We have decided to approach the Union Cabinet soon to re consider its decision to mandate NMDC to renew its long-term agreements with these two nations, which is bereft of any logic.”
The Comptroller and Auditor General in its recent observations to the steel ministry, had said that NMDC has been mandated to exports iron ore to Japanese steel mills and South Korea but made to overlook the domestic demand for the mineral. The CAG has questioned the mandate.
The move also comes close on the heels of the I-T department who hit out the Navratna company for losing substantial revenues by exporting to Japanese steel mills on long term prices and not through a more viable spot prices. A senior steel ministry official told The Indian Express that “The Income Tax Department has also questioned NMDC’s exports to these two countries on long term prices. It says the PSU has incurred substantial financial losses by not selling the mineral on spot prices.”
(Sourced from www.indianexpress.com)
The Indian Express reported that armed with the CAG’s observations that NMDC’s iron ore exports to Japanese Steel Mills and South Korea was needless in view of growing domestic demand, the Indian steel ministry has decided to ask the union cabinet to reconsider its decision on mandating NMDC to export the mineral.
The official quoted the Chattisgarh chief minister as saying that “The chief minister said if NMDC had not exported ore to these two nations, at least 3 million tonne of additional iron ore would have been available to the state’s ore-starved sponge iron units.”
The official said that “Actually, we also have been opposing these exports from the beginning and had already conveyed our concerns to the commerce ministry, at whose behest the cabinet had okayed NMDC’s continuation of exports (till 2014). We will tell firmly that exports to these two nations are unsustainable at long term prices as it amounted to subsidizing their steel production.”
The official added that “We have decided to approach the Union Cabinet soon to re consider its decision to mandate NMDC to renew its long-term agreements with these two nations, which is bereft of any logic.”
The Comptroller and Auditor General in its recent observations to the steel ministry, had said that NMDC has been mandated to exports iron ore to Japanese steel mills and South Korea but made to overlook the domestic demand for the mineral. The CAG has questioned the mandate.
The move also comes close on the heels of the I-T department who hit out the Navratna company for losing substantial revenues by exporting to Japanese steel mills on long term prices and not through a more viable spot prices. A senior steel ministry official told The Indian Express that “The Income Tax Department has also questioned NMDC’s exports to these two countries on long term prices. It says the PSU has incurred substantial financial losses by not selling the mineral on spot prices.”
(Sourced from www.indianexpress.com)
Tuesday, December 6, 2011
Government update on private steel plants in Chhattisgarh
Tuesday, 06 Dec 2011
Indian union minister for Steel Mr Beni Prasad Verma has informed that details of MoUs signed between state government and private players for setting up of steel plants in the country during the last five years.
MoUs with Chhattisgarh government (Year 2006 onwards)
(Capacity in million tonne)
Indian union minister for Steel Mr Beni Prasad Verma has informed that details of MoUs signed between state government and private players for setting up of steel plants in the country during the last five years.
MoUs with Chhattisgarh government (Year 2006 onwards)
| Sl. No. | Name of the Company | Location | Capacity | Status |
| 1 | Ind Synergy Limited (Expansion Project) | Raigarh | Sponge Iron - 0.40 | Partially commissioned |
| 2 | Shree Bajranj Power and Ispat Limited (Expansion Project) | Raipur | Sponge Iron - 0.60 Blast Furnace - 0.231 | Production not Started |
| 3 | SKS Ispat Limited (Expansion Project) | Raipur | Sponge Iron - 0.33 Mini Blast Furnace - 0.5 | Production not Started |
| 4 | Raipur Alloys and Steel Limited (Expansion Project) | Raipur | Sponge Iron - 0.50 Steel - 0.24 | Production not Started |
| 5 | Shree Bajrang Metallics and Power Limited (Expansion Project) | Raipur | Pig Iron - 0.060 | Production not Started |
| 6 | Rajesh Strips Limited (Expansion Project) | Raipur | Steel Melting Shop - 0.30 | Production not Started |
| 7 | Jindal Steel and Power Ltd | Raigarh | Blast Furnace - 0.32 | Production not Started |
| 8 | Bhushan Power and Steel Ltd. | Rajnandgaon | Integrated Steel Making Facility - 1.2 | Production not Started |
| 9 | Monnet Ispat and Energy Ltd | Naharpalli, Raigarh | Blast Furnace - 1.0 Sponge Iron for captive use - 0.40 | Production not Started |
| 10 | Vandana Ispat Limited | Borai, Durg, Anjora, Rajnandgaon | Integrated Steel Plant - 0.83, Steel Melting Shop - 0.75 | Production not Started |
| 11 | Topworth Steel Pvt. Ltd | Borai, Durg | Blast Furnace - 0.50 | Production not Started |
| 12 | MSP Steel and Power Limited | Raigarh | Pig Iron - 0.40, Sponge Iron for captive use - 0.3 | Production not Started |
| 13 | Salasar Sponge and Power Ltd | Raigarh | Steel Plant - 0.10 | Production not Started |
| 14 | Prakash Industries Ltd | Champa, Janjgir, Champa | Steel Plant - 1.2 | Production not Started |
| 15 | Singhal Enterprises | Raigarh | Sponge Iron - 0.2, Steel - 0.3 | Production not Started |
| 16 | Anjani Steel Private Limited | Raigarh | Integrated Steel Plant- 0.25 | Production not Started |
| 17 | H.E.G. Limited | Durg | Sponge Iron - 0.35 | Production not Started |
| 18 | Mangal Sponge & Steel Limited | Bilaspur | Sponge Iron - 0.12 | Production not Started |
| 19 | S.K. Sarawagi and Company Pvt Ltd. | Bilaspur | Sponge Iron - 0.21, Steel - 0.15 | Production not Started |
| 20 | Aarti Sponge and Power Pvt. Ltd. | - | Sponge Iron - 0.105, Steel Melting Shop - 0.09 | Production not Started |
| 21 | API Ispat and Powertech Pvt. Ltd. | - | Sponge Iron - 0.525 | Production not Started |
| 22 | Jai Balaji Industries Ltd. | - | DRI Plant - 0.6, Steel Melt Shop - 1.0 | Production not Started |
| 23 | Baldev Alloys Pvt. Ltd | - | Sponge Iron - 0.54, SMS Plant - 0.2 | Production not Started |
| 24 | Crest Steel and Power Pvt. Ltd | - | Sponge Iron - 0.75, Steel Melting Shop - 0.5, EAF - 0.32 | Production not Started |
| 25 | Godawari Power and Ispat Ltd. | - | DRI - 0.6, Steel Billet - 0.6 | Production not Started |
| 26 | Jindal Steel and Power Ltd | Gram Saraipali, Kosampali, Dhanagar, Raigarh | DRI - 5.1 | Production not Started |
| 27 | Khetan Sponge and Infrastructure Pvt. Ltd | - | Sponge iron - 0.09, Induction Furnace - 0.06 | Production not Started |
| 28 | Nalwa Steel and Power Ltd | Gram Taraimal, Raigarh | DRI (coal based) -0.33, Steel Melting Shop - 0.336,DRI (gas based)-2.0 | Production not Started |
| 29 | Jaysawal Necco Industries Ltd. | - | Sponge Iron - 0.6, Steel Billet - 0.7 | Production not Started |
| 30 | Nova Iron and Steel Ltd | Bilaspur | Sponge Iron - 0.6 | Production not Started |
| 31 | Raipur Power and Steel Ltd | - | Sponge Iron 0.135, Induction Furnace - 0.09 | Production not Started |
| 32 | Rashmi Ispat Pvt. Ltd. | - | Sponge Iron - 0.315, Steel Melting Shop - 0.21 | Production not Started |
| 33 | Real Ispat and Power Ltd | - | Sponge Iron - 0.30 | Production not Started |
| 34 | RL Steel and Energy Ltd. | - | Sponge Iron - 0.4 | Production not Started |
| 35 | Satya Power and Ispat Pvt. Ltd. | - | Sponge Iron - 0.24 | Production not Started |
| 36 | Shri Shyam Sponge and Power Ltd | - | Sponge Iron - 0.135 | Production not Started |
| 37 | SKS Ispat and Power Ltd. | - | Sponge iron - 1.2, Blast furnace - 0.27 | Production not Started |
| 38 | Surya Global Steel and Jenpower Ltd. | - | DRI - 1.4, Blast furnace with PCM- 0.6 | Production not Started |
| 39 | Visa Steel Limited | - | Blast furnace with sinter - 1.5, Sponge iron - 1.0 | Production not Started |
| 40 | NMDC Limited | - | Integrated Steel Plant - 3.00 | Production not Started |
| 41 | K. Energy Limited | - | Sponge iron - 0.21, Induction furnace - 0.192 | Production not Started |
| 42 | Prakash Industries Limited | - | Blast furnace - 1.15, Sponge iron - 1.6, Steel Melting shop - 2.0 | Production not Started |
| 43 | Singhal Steel Pvt. Ltd. | - | Blast furnace - 0.3, Sponge iron - 0.2, Induction furnace - 0.3,EAF - 0.3 | Production not Started |
| 44 | MSP Steel and Power Ltd. | - | Sponge iron - 0.9, Blast furnace - 0.7, Steel melting shop - 1.5 | Production not Started |
| 45 | Mahendra Sponge and Power Pvt. Ltd. | - | Sponge iron - 0.27, Steel Billet - 0.15 | Production not Started |
| 46 | Hind Energy and Coal Beneficiation (India) Pvt. Ltd. | - | Sponge iron - 0.405, Steel melting shop - 0.216 | Production not Started |
| 47 | Sky Aloys and Power Pvt. Ltd. | - | Induction Furnace - 0.1 | Production not Started |
| 48 | Godwari Power and Ispat Limited | - | Steel Melting Shop - 0.2 | Production not Started |
| 49 | Rashi Strips Private Limited | - | DRI plant with gasification - 1.0, Steel Melting Shop - 0.9 | Production not Started |
(Capacity in million tonne)
Friday, December 2, 2011
Steel ministry sets up coking coal procurement panel
Friday, 02 Dec 2011
ET reported that steel ministry has set up a committee to look into the need for rationalising the procedure followed by steel PSUs for procurement of coking coal.
Mr Beni Prasad Verma steel minister said that "A committee has recently been constituted in the ministry for looking into the need for rationalising the procurement procedure for coking coal, acquisition of mines abroad and optimising the use of coking coal by steel PSUs.”
Replying to a question on whether the government was aware that during the last two years, SAIL and RINL have made purchases of coking coal at a time when the price was very high in international markets, he said this was a commercial decision of the companies.
The minister said that "This (procurement) is done as per their requirements under a laid down policy through long term agreement. As per international market practice, quantities under LTA are settled annually by the empowered joint committee which comprises representatives of both Steel Authority of India and Rashtriya Ispat Nigam.
"While negotiating quantities and prices with long-term suppliers, EJC takes the FOB (free-on-board) prices settled by Japanese steel mills and others as reported in the international journals as the benchmark.”
The minister added that "The annual requirement is tied up at the beginning of the year and the same is confirmed and received quarter-wise throughout the year.”
Mr Verma said prices of imported coking coal were up by 75 per cent in 2010-11 vis-a-vis the previous fiscal, affecting the profit margins of steel-makers.
(Sourced from ET)
ET reported that steel ministry has set up a committee to look into the need for rationalising the procedure followed by steel PSUs for procurement of coking coal.
Mr Beni Prasad Verma steel minister said that "A committee has recently been constituted in the ministry for looking into the need for rationalising the procurement procedure for coking coal, acquisition of mines abroad and optimising the use of coking coal by steel PSUs.”
Replying to a question on whether the government was aware that during the last two years, SAIL and RINL have made purchases of coking coal at a time when the price was very high in international markets, he said this was a commercial decision of the companies.
The minister said that "This (procurement) is done as per their requirements under a laid down policy through long term agreement. As per international market practice, quantities under LTA are settled annually by the empowered joint committee which comprises representatives of both Steel Authority of India and Rashtriya Ispat Nigam.
"While negotiating quantities and prices with long-term suppliers, EJC takes the FOB (free-on-board) prices settled by Japanese steel mills and others as reported in the international journals as the benchmark.”
The minister added that "The annual requirement is tied up at the beginning of the year and the same is confirmed and received quarter-wise throughout the year.”
Mr Verma said prices of imported coking coal were up by 75 per cent in 2010-11 vis-a-vis the previous fiscal, affecting the profit margins of steel-makers.
(Sourced from ET)
Sunday, November 6, 2011
Indian steel minister Mr Verma to visit Russia to attend NMDC Severstal MoU signing ceremony
Sunday, 06 Nov 2011
The Pioneer reported that Indian steel minister Mr Beni Prasad Verma is scheduled to embark on his trip to Russia from November 9 till November 12.
Mr Verma told The Pioneer that he would be going to Russia as scheduled on November 9.
The Minister will attend the MoU signing ceremony between State run iron ore miner NMDC and Russia's Severstal.
(sourced Dailypioneer)
The Pioneer reported that Indian steel minister Mr Beni Prasad Verma is scheduled to embark on his trip to Russia from November 9 till November 12.
Mr Verma told The Pioneer that he would be going to Russia as scheduled on November 9.
The Minister will attend the MoU signing ceremony between State run iron ore miner NMDC and Russia's Severstal.
(sourced Dailypioneer)
Wednesday, October 5, 2011
Indian Steel minister calls for immediate hike in export tax
Wednesday, 05 Oct 2011
Press Trust Of India reported that concerned over severe shortage of iron ore after the ban on mining in Karnataka, Indian union steel minister Mr Beni Prasad Verma said that the finance ministry should immediately increase export duty on the raw material to 30%.
He said “If exports of iron ore stop, the problem of iron ore shortage in Karnataka and other states would get solved, by and large.”
He added that “We want to get this implemented immediately. I had written to them just at the beginning of the Karnataka crisis.”
Mr Verma had written a letter to finance minister Mr Pranab Mukherjee two weeks ago to increase the duty by 10% to 30%, to discourage exports.
(Sourced from PTI)
Press Trust Of India reported that concerned over severe shortage of iron ore after the ban on mining in Karnataka, Indian union steel minister Mr Beni Prasad Verma said that the finance ministry should immediately increase export duty on the raw material to 30%.
He said “If exports of iron ore stop, the problem of iron ore shortage in Karnataka and other states would get solved, by and large.”
He added that “We want to get this implemented immediately. I had written to them just at the beginning of the Karnataka crisis.”
Mr Verma had written a letter to finance minister Mr Pranab Mukherjee two weeks ago to increase the duty by 10% to 30%, to discourage exports.
(Sourced from PTI)
Monday, September 19, 2011
Indian steel ministry roots for 30pct duty on iron ore exports
Monday, 19 Sep 2011
PTI reported that the Indian steel ministry will soon write to the finance ministry demanding to hike export duty on iron ore to 30% from the current 20%, a move to ensure that there is no shortage of the raw material for the domestic steel makers in the long run.
A source close to the development told PTI that "A proposal in this regard has been cleared by the Indian steel minister Mr Beni Prasad Verma. It will now be sent to the finance ministry for its approval and implementation.”
The proposal has also kept in mind the deteriorating level of country's raw material reserves.
The government in the budget had hiked duty on iron ore, both fines and lumps, to 20% in order to discourage exports and encourage value addition.
After the duty hike, exports of iron ore has declined by about 22% to 25.2 million tonnes in April-July to the corresponding period last fiscal. The Federation of the Indian Mineral Industries expects iron ore exports to fall by over 20% to 75 million tonnes in the current fiscal from 98 million tonnes in 2010-11.
(Sourced from PTI)
PTI reported that the Indian steel ministry will soon write to the finance ministry demanding to hike export duty on iron ore to 30% from the current 20%, a move to ensure that there is no shortage of the raw material for the domestic steel makers in the long run.
A source close to the development told PTI that "A proposal in this regard has been cleared by the Indian steel minister Mr Beni Prasad Verma. It will now be sent to the finance ministry for its approval and implementation.”
The proposal has also kept in mind the deteriorating level of country's raw material reserves.
The government in the budget had hiked duty on iron ore, both fines and lumps, to 20% in order to discourage exports and encourage value addition.
After the duty hike, exports of iron ore has declined by about 22% to 25.2 million tonnes in April-July to the corresponding period last fiscal. The Federation of the Indian Mineral Industries expects iron ore exports to fall by over 20% to 75 million tonnes in the current fiscal from 98 million tonnes in 2010-11.
(Sourced from PTI)
Thursday, September 1, 2011
Indian Iron ore export policy, iron ore of Fe content upto 64% is freely allowed
Update on export of iron ore
Thursday, 01 Sep 2011
Mr Beni Prasad Verma minister of steel has said that as per the present export policy of government of India, export of all iron ore of Fe content upto 64% is freely allowed.
In a written reply in the Lok Sabha today he said that ministry of steel has not received any complaint regarding difference between the quantity of the iron ore that was exported and the quantity for which mines department of the state government had granted permission.
Thursday, 01 Sep 2011
Mr Beni Prasad Verma minister of steel has said that as per the present export policy of government of India, export of all iron ore of Fe content upto 64% is freely allowed.
In a written reply in the Lok Sabha today he said that ministry of steel has not received any complaint regarding difference between the quantity of the iron ore that was exported and the quantity for which mines department of the state government had granted permission.
Monday, August 29, 2011
May hike export duties on iron ore exports: Steel minister
Mon,Aug29, 2011 | Source PTI
Government today said it may further increase duties on iron ore to discourage its export in order to keep it for meeting domestic demands.
"We have increased export duty from five per cent to 20%. We may increase it further," Steel Minister Beni Prasad Verma told the Lok Sabha during Question Hour.
Verma said government was discouraging export of iron ore and trying to keep it for domestic consumption.
Nearly 50% of the iron ore produced in the country has been exported over the last three years, he said.
In 2008-09 212.96 million tonnes (MT) of iron ore was produced of which 105.86 MT (49.7%) was exported and in 2009-10 218.64 MT ore was produced and 117.37 MT (53.7%) was exported, Verma said.
He said in 2010-11 the estimated production was 208.11 MT of which 97.66 MT (46.9%) was marked for export.
"The production of iron ore in the country is about to double the consumption of iron ore by the domestic iron and steel industry and therefore is sufficient to meet the present requirement of iron ore by the steel sector in the country,"
he said.
As regards iron ore supply to PSUs, Steel Authority of India Limited (SAIL) has is own captive mines which cater to its full requirement of iron ore, he said.
Verma said the requirement of iron ore of other PSUs - Rashtriya Ispat Nigam Limited and KIOCL Ltd - is fulfilled by National Mineral Development Corporation.
Government today said it may further increase duties on iron ore to discourage its export in order to keep it for meeting domestic demands.
"We have increased export duty from five per cent to 20%. We may increase it further," Steel Minister Beni Prasad Verma told the Lok Sabha during Question Hour.
Verma said government was discouraging export of iron ore and trying to keep it for domestic consumption.
Nearly 50% of the iron ore produced in the country has been exported over the last three years, he said.
In 2008-09 212.96 million tonnes (MT) of iron ore was produced of which 105.86 MT (49.7%) was exported and in 2009-10 218.64 MT ore was produced and 117.37 MT (53.7%) was exported, Verma said.
He said in 2010-11 the estimated production was 208.11 MT of which 97.66 MT (46.9%) was marked for export.
"The production of iron ore in the country is about to double the consumption of iron ore by the domestic iron and steel industry and therefore is sufficient to meet the present requirement of iron ore by the steel sector in the country,"
he said.
As regards iron ore supply to PSUs, Steel Authority of India Limited (SAIL) has is own captive mines which cater to its full requirement of iron ore, he said.
Verma said the requirement of iron ore of other PSUs - Rashtriya Ispat Nigam Limited and KIOCL Ltd - is fulfilled by National Mineral Development Corporation.
Monday, March 14, 2011
Japanese companies may set up steel plants in India
Monday, 14 Mar 2011 |By ET
ET reported that deadly earthquake in Japan could likely push steel companies from that country to speed up plans to build manufacturing presences in safer and low cost countries such as India.
The report quoted some industry executives who have collaborated with Japanese steelmakers for joint ventures as highlighting this possibility.
Mr CS Verma chairman of SAIL, which has a tie up with Kobe Steel to use low grade iron ore for steelmaking, said that “It is too early to say anything, but definitely, Japanese companies should explore the idea of having larger manufacturing plants in India as we have the market as well as resources here.
Apart from a safety perspective, the strong steel demand pattern in India can be attractive for the technologically advanced country like Japan, which has established its supremacy in making high tensile sheets for car bodies and for use in consumer goods.
Japan’s top four steelmakers Nippon Steel, JFE Steel, Sumitomo Metals and Kobe Steel already have a presence in India through joint ventures.
The earthquake and tsunami has affected major steelmakers along Japan’s Pacific coast. The coke oven gas plant at JFE Steel’s Chiba works caught fire. The integrated works in raw materials yards on Tokyo Bay such as Nippon Steel’s Kimitsu works and JFE Steel’s Chiba and Keihin works have also been affected. The most affected region, Sendai city itself is home to JFE Bars & Shapes and Itoh Steel.
The report quoted some industry executives who have collaborated with Japanese steelmakers for joint ventures as highlighting this possibility.
Mr CS Verma chairman of SAIL, which has a tie up with Kobe Steel to use low grade iron ore for steelmaking, said that “It is too early to say anything, but definitely, Japanese companies should explore the idea of having larger manufacturing plants in India as we have the market as well as resources here.
Apart from a safety perspective, the strong steel demand pattern in India can be attractive for the technologically advanced country like Japan, which has established its supremacy in making high tensile sheets for car bodies and for use in consumer goods.
Japan’s top four steelmakers Nippon Steel, JFE Steel, Sumitomo Metals and Kobe Steel already have a presence in India through joint ventures.
The earthquake and tsunami has affected major steelmakers along Japan’s Pacific coast. The coke oven gas plant at JFE Steel’s Chiba works caught fire. The integrated works in raw materials yards on Tokyo Bay such as Nippon Steel’s Kimitsu works and JFE Steel’s Chiba and Keihin works have also been affected. The most affected region, Sendai city itself is home to JFE Bars & Shapes and Itoh Steel.
Japanese tsunami to affect SAIL plant - Government
Monday, 14 Mar 2011 By ET
India’s union minister of state for steel Mr Beni Prasad Varma said that tsunami in Japan would also affect country's first gas based steel plant being set up by Steel Authority of India in Jagdishpur.
Mr Verma said that "Work on the plant will start after sometime as it is to be set up with the cooperation of Kobo Steel of Japan, which has been hit by tsunami"
Mr Varma told reporters that application has been moved for gas supply to the plant and a letter would be send to the Prime Minister requesting to expedite the process.
He said that "The plant is being set up with a cost of INR 5,000 crore and the work will be completed in three years.”
The minister said that modern steel, which is as of now being imported, would be manufactured at the plant. He said that the plant would provide employment to 4,000 youths and priority would be given to local residents, whose land has been acquired for the project.
Mr Verma said that "Work on the plant will start after sometime as it is to be set up with the cooperation of Kobo Steel of Japan, which has been hit by tsunami"
Mr Varma told reporters that application has been moved for gas supply to the plant and a letter would be send to the Prime Minister requesting to expedite the process.
He said that "The plant is being set up with a cost of INR 5,000 crore and the work will be completed in three years.”
The minister said that modern steel, which is as of now being imported, would be manufactured at the plant. He said that the plant would provide employment to 4,000 youths and priority would be given to local residents, whose land has been acquired for the project.
Saturday, February 26, 2011
India to become second largest steel producing nation in 2012
Saturday, 26 Feb 2011
Indian minister of state for steel Mr Beni Prasad Verma said that with a targeted production capacity of 120 million tonnes by 2012, India is expected to become the second largest steel producing nation very soon.
Mr Verma while addressing the “Indian Steel: Moving to the Next Orbit” at CII Steel Summit 2011 said ‘It is indeed a matter of pride that India is the largest producer of sponge iron in the world. During the last five years, the country has achieved a compounded average growth rate of over 9.2% in consumption of steel. With this consumption base and the targeted growth in GDP coupled with the emphasis of the Government on infrastructure, housing and other steel consuming sectors.”
Expressing confidence that demand of steel would increase manifolds, Verma said that there is a need to ensure that production also keeps pace with the level of consumption.
He said “Substantial capacity is getting added in both Public as well as Private sectors. Most of the major steel projects, particularly those in the brown field sites are progressing as per schedule. New players are also emerging in the field of steel making with significant prospects.”
Mr Verma added that “The mini steel sector has also been playing an important role in the economy in generating employment and meeting localized demand of steel. Substantial capacity has been also added in this sector and this segment is expected to grow further in years to come.” (sourced:ET)
Mr Verma while addressing the “Indian Steel: Moving to the Next Orbit” at CII Steel Summit 2011 said ‘It is indeed a matter of pride that India is the largest producer of sponge iron in the world. During the last five years, the country has achieved a compounded average growth rate of over 9.2% in consumption of steel. With this consumption base and the targeted growth in GDP coupled with the emphasis of the Government on infrastructure, housing and other steel consuming sectors.”
Expressing confidence that demand of steel would increase manifolds, Verma said that there is a need to ensure that production also keeps pace with the level of consumption.
He said “Substantial capacity is getting added in both Public as well as Private sectors. Most of the major steel projects, particularly those in the brown field sites are progressing as per schedule. New players are also emerging in the field of steel making with significant prospects.”
Mr Verma added that “The mini steel sector has also been playing an important role in the economy in generating employment and meeting localized demand of steel. Substantial capacity has been also added in this sector and this segment is expected to grow further in years to come.” (sourced:ET)
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