Financial Daily from THE HINDU group of publications
Wednesday, Feb 18, 2004
Financial Daily from THE HINDU group of publications Wednesday, Feb 18, 2004 |
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Industry & Economy
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Steel Efforts on to ensure coking coal supply to cos: Tripathy Our Bureau
Visakhapatnam , Feb. 17
THE Government is doing its best to help steel plants tide over the coking coal shortage crisis in the country, said Mr B.K Tripathy, Union Steel Minister.He was addressing a press meet at the Rashtriya Ispat Nigam Ltd(RINL) here on Tuesday on the eve of its formation day celebration on Wednesday. Mr Tripathy said a high-level delegation was currently in Australia to sort out the problem with the mining companies there. The companies were invoking certain emergency clauses to justify their reduced supplies and there was no alternative source of coking coal, as China was not exporting any. ``Therefore, all steel plants are on the brink but are managing somehow. We will take all possible steps to ensure supply of coking coal,'' he promised. Mr B.K Panda, Chairman and Managing Director of RINL, said that the steel plant here needed 3 million tonnes of coking coal per annum. The Minister said the fourth coke oven battery had been sanctioned for RINL and it would cost Rs 300 crore or so. ``It is a prelude to phased expansion of the plant capacity from the present 3 million tonnes to five million tonnes and subsequently to 10 million tonnes by 2020,'' he said. The cost of expansion, the Minister said, would be borne out of internal accruals and there was no need for the plant to tap the market. ``In fact, the plant is doing exceedingly well and has managed to clear all the debts and by 2006-07 it would be able to clear all the accumulated losses amounting to over Rs 4,000 crore.''
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