Despite getting demands from steel makers in the state, Odisha Mining Corporation (OMC) does not want to sell iron ore to them at a lower rate. OMC does not want to get into any controversy on the lines of the NMDC case by selling iron ore at a concessional rate to steel makers in Odisha
Tag: Steel
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OMC rejects plea of local steel firms on lower price
Despite getting demands from steel makers in the state, Odisha Mining Corporation (OMC) does not want to sell iron ore to them at a lower rate. OMC does not want to get into any controversy on the lines of the NMDC case by selling iron ore at a concessional rate to steel makers in Odisha
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RINL mulls Rs 20 bn investment in FY14
Agency reports suggest that Rashtriya Ispat Nigam (RINL) would invest Rs 2,000 crore in 2013-14 if it secures a captive iron ore mine in Andhra Pradesh. If it fails to secure a captive mine in Andhra Pradesh, the corporate entity of Vizag Steel would invest Rs 1,200 crore on capital expenditure for 2013-14, agency reports quoted a top official of the firm as sayin
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Bhushan Steel to review product prices
Nitin Johari, Director of Bhushan Steel informed reporters that the marketing team of his firm would meet soon to review price of its steel products. According to media reports, other steel firms may also revise the price of their steel products, especially long products, sold in the domestic market. Prices of some are likely
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AOSF alleges miners of charging high price for ore
Iron ore mining companies in Odisha charge exorbitant rates while selling ore to local steel firms, alleges the All Odisha Steel Federation (AOSF). The body, which represents the interests of local steel units and sponge iron manufacturers, alleges that two mining lessees- Sirajuddin and Indrani Patnaik had offered ore for sale to such
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Some members of house panel seek ban on ore exports
Considering the acute shortage of iron ore being faced by the domestic steel firms, some members of the Parliamentary Standing Committee on Coal and Steel feel the need to ban export of the raw material completely. The members have recommended blanket ban on export of iron ore to address the shortage of the steel making ingredient
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JSW Steel, JSW Ispat convene shareholders meet
Following the directive by the Bombay High Court, JSW Ispat and JSW Steel convened a separate shareholder meetings in Mumbai to seek their approval for the proposed merger of both these firms. According to the merger proposal, every 72 shares of JSW Ispat would be exchanged for one equity share of JSW Steel. Institutional Investor Advisory Services advised shar
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Minister gives assurance on Posco’s $12 bn project
At a recent meeting with South Korean Minister Sukwoo Hong, India's Commerce and Industry Minister Anand Sharma assured that Prime Minister Manmohan Singh was personally monitoring the progress of PoscoÂ’s $12-billion steel project in Odisha. Sharma met his South Korean counterpart at the Partnership Summit organised by the CII to discuss bilat
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Fimi wants uniform freight rates
Federation of Indian Mineral Industries (Fimi) wants the railways to charge uniform freight rates on iron ore. It is learnt that the the railways increased freight nine times between February 2010 and March 2012. Today, it is about four times the domestic freight for iron ore (Rs 2,600 a tonne
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Steel firms seek alternate funding sources
According to some reports, India's steel production capacity may rise to 200 million tonne per annum (mn tpa) by 2020 from the current level of around 90 mn tpa and this would require an investment of $110 billion in the next six-seven years. According to the working group on steel industry for the 12th Five Year Plan, the sector may need an investment of Rs 2.5 lakh crore up to 2017 for adding 60 mn t