Union Minister of Steel Beni Prasad Verma informed the Lok Sabha that domestic production of crude steel in the first quarter of the current year stood at 19.61 million tonne. He further said that steel is a deregulated sector, the role of the government is that of a facilitator providing a conducive policy environment
Tag: NMDC
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Severstal not keen on NMDC’s 3 mn t steel project
CS Verma, Chairman of NMDC informed media persons that the Russian company Severstal did not show much interest on the 3 million-tonne-a-year steel plant project and hence the former may implement it as an NMDC-only project. In 2010, both the firms signed initial agreements for the project and it is not known why Severstal is not interested in the project
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NMDC reduces price of iron ore for July
Considering tepid demand in the monsoon season, public sector mining major NMDC reduced prices of iron ore by Rs 100-200 per tonne for July. While the company decided to cut the price of lumps by Rs 200 per ton, it reduce the price of fines by Rs 100 a ton for July, media reports indicate. Following the decision, which is reportedly taken at the company's recent board meeting in Hyderabad, iron ore l
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NMDC to decide on subscribing Legacy’s rights issue
Media reports indicate that National Mineral Development Corporation (NMDC) would decide on whether to participate in the rights issue to be offered by Legacy Iron Ore, in which the former holds 49.6 per cent stake. Legacy Iron Ore is the Australian arm of NMDC, which is the largest shareholder in the former. Some reports indicate that NMDC would acquire rights equivalent to its 49.6 per cent stake in Legacy Iron Ore by s
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KIOCL wants govt to clear mining lease applications
Malay Chatterjee, Chairman and Managing Director of KIOCL informed media persons that the Karnataka government was yet to provide clearance for the firm's over 20 applications for mining lease. For more than seven years, the Karnataka-based central public sector mining firm has been out of job with out any captive mines
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NMDC signs MoU
NMDC said it signed a Memorandum of Understanding for mineral projects in Zimbabwe. NMDC is India's single largest iron ore producer, presently producing about 30 million tonne of iron ore from three fully mechanised mines viz, Bailadila Deposit-14/11C
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NMDC gets response from SAIL, RINL for stake sale
CS Verma, the acting Chairman of NMDC, said the expression of interest (EoI) floated by the firm for offering 50 percent stake in its proposed 3 million tone per annum (mn tpa) steel plant received response from only two companies. Steel Authority of India (SAIL) and Rastriya Inspat Nigam are the only two bidders for NMDC's 50 per cent stake in the upcoming steel plant in Chhattisgarh.
Thro
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Jindal, IL&FS keen to partner NMDC for UP power plant
Jindal Power and IL&FS Energy Development Company have individually evinced interest to partner NMDC in setting up a 2X250 mw thermal power plant in Uttar Pradesh at an estimated cost of Rs 2,000 crore. Jindal Power and IL&FS Energy Development Company have shown interest to be a joint venture partner of NMDC for its proposed power plant in Uttar Pradesh.
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NMDC produced 27 mn t iron ore in FY13
NMDC produced 27.3 million tonne (mn t) and supplied 26.91 mn t of iron ore to domestic industries during the year 2011-12, which is around 16 percent of the countryÂ’s total production of iron ore of 167.28 million tonne (provisional). Government of India said this in a press release. This is around 23 percent of the total estimated consumption of about 116.3 mn t of iron ore by the dom
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NMDC decides ore price based on local mkt condition
According to the pricing policy being followed by NMDC, the prices of various products of the mines of NMDC are kept in sync with the prevailing domestic iron ore prices in other sectors. NMDC is fixing its domestic prices keeping in view prevailing iron ore prices in other sectors and demand supply scenario for its iron ore. Union Minister of Steel, Beni