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Our Bureau

New Delhi , Oct 18

TATA Steel has acquired its second coal property in Australia. It has acquired equity interest in a coal property in which the other stakeholders include Korean steel major, Posco, and some Japanese steel firms.

Speaking to newspersons today at the inaugural of the new rebar facility at the Faridabad plant of Tata Reyerson Ltd, the Director of Tata Sons, Mr J.J. Irani, said: "We have acquired two coal properties in Australia. In the second property, Tata Steel, Posco, and other Japanese steel companies are stakeholders." However, he refused to give further details about the two overseas acquisitions.

Mr Irani said that the company has already stopped sale of iron ore in the spot market. It has long-term contracts with some domestic iron ore manufacturers, which end in next November-December. "We will totally stop iron ore sale and will preserve it."

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