JSW Steel plans to invest in iron ore mines, plants

Bangalore, June 30

JSW Steel, with an eye on raw material security to implement its ambitious capacity expansion, plans to step up its investment on both acquiring iron ore mines and setting up beneficiation plants in Karnataka and West Bengal.

The steel major would be spending Rs 850 crore over three years for setting up a 20-million tonne beneficiation plant in Vijayanagar in Karnataka.

Midnapore facility

A beneficiation facility has also been planned in Midnapore in West Bengal, where it proposes to set up a 10-million tonne plant. A similar capacity plant had been planned in Jharkhand. By 2020, JSW will enhance its steel capacity to 32 million tonnes from the current 5 million tonnes, said Mr Y. Siva Sagar Rao, Joint Managing Director and Chief Executive Officer of JSW.

Addressing a press conference here on the opening of JSW Steel Shoppe in Bangalore on Monday, Mr Rao said the company was also investing in iron ore mines to achieve raw material security.

contd on page 2...