This is the second year in a row that Essar Steel has signed such a contract with Posco. The contracted volume this year is higher by 30% compared to last year. The contract this time too, like last year, is for 12 month's supply of steel, the other official said.
The government expects the move to boost sales of local companies such as JSW Steel and Tata Steel , and eventually attract global steelmakers such as ArcelorMittal and POSCO to invest in the country, five steel ministry sources told Reuters.
South Korean prosecutors investigating a corruption scandal engulfing President Park Geun-Hye questioned the head of the country's largest steelmaker as well as a top Samsung executive today
Domestic steel major SAIL today said it has signed a memorandum of understanding (MoU) with South Korean giant Posco for technical collaboration for operational improvements.
Steel prices in China, the world's biggest consumer and producer, have rallied 50 percent this year as Beijing's efforts to reduce a crippling overcapacity in the sector have led to lower inventories of the alloy in the country.
Quoting sources, CNBC-TV‘s Ritu Singh says that Posco and Tidfore will complete its feasibility study by September 30 and then present the final offer for the plant. The company is likely to make investment of USD 500 million in Wardha plant.
Uttam Group today said it has signed an investment agreement of up to USD 150 million with Chinese firm Tidfore Heavy Equipment Group Co Limited.
"It seems India is seeking to boost its domestic steel industry with some help from trade protectionism, making China a primary victim of Indian trade investigations," an article in the state-run Global Times said.
The steel ministry's request to POSCO came amid other efforts to safeguard local mills, including import taxes on steel products and a floor price on overseas purchases.
"Government has not received any communication from Posco in this regard," Minister of State for Steel Vishnu Deo Sai said in a written reply to Rajya Sabha on whether the firm has shown disinterest in pursuing its steel plant in Odisha.
An inter-ministerial Board of Approval (BoA), chaired by the Commerce Secretary Rita Teaotia, will consider the request from Posco's subsidiary Posco India Pvt Ltd on April 28, the Commerce Ministry said.
Regulatory hurdles have pushed back the project, billed as India's biggest foreign direct investment, for more than a decade.
Of the sanctioned amount of Rs 26 lakhs, Rs 3 lakhs has already been released while the balance (Rs 23 lakhs) would be made available within three days, senior government pleader Abhinandan Vagyani told a bench headed by Justice Abhay Oka
Ankit Miglani, Director, Uttam Galva says the deal will reduce the manufacturing cost of hot-rolled coils.
This will help fast-track development of the steel and mining sector in India through speedy land acquisition, resettlement and rehabilitation (R&R), statutory clearances and securing ore and water linkages
India, which is the third-largest producer of steel, has produced 91.46 million tonne in the year gone by
India's mining sector has been mired in controversy over illegal allocation of resources. Once the world's third-biggest iron ore exporter, the country now imports the steelmaking ingredient due to a court-led crackdown on illegal mining.
The 5-year deal, announced last weekend, is a reminder of the pulling power of India's wealthiest states - even as the central government under Prime Minister Narendra Modi hits its biggest reform roadblocks to date, over tax and land reform.
The work on a detailed project report (DPR) has started, and construction activity will commence from September 2016. "We have signed a memorandum of agreement with Posco Steel for setting up a 3-MTPA plant in Maharashtra.
They are planning to set up 3 MTPA integrated steel plant in Maharashtra in two phases.
Mesco Steel has already announced its plan to take its capacity to 4.5 million tonnes (MT) in the next 3-5 years with an investment of Rs 13,500 crore.
Not able to take off its 12 million tonnes plant in Odisha, global Steel giant POSCO is likely to shift its first Finex plant to Kalinganagar, in the state from Pohang, South Korea after a definitive pact with homegrown steelmaker MESCO, which is scheduled by August.
Dr Charan Singh, Professor of economics, IIM Bangalore and Mr Sharad Sharma, Managing Director, State Bank of Mysore talk about resolving the worry for banks, augmenting NPAs.
Output from the mine, one of a handful under development in the Galilee Basin of Queensland state, will be mostly exported to India, where it will be central to plans by Indian Prime Minister Narendra Modi to bring electricity to hundreds of millions of people living off the grid.
Steel giant Posco has shifted its focus from the USD 12-billion proposed steel plant in Odisha citing "no progress" in the project.