Financial Daily from THE HINDU group of publications
Thursday, Dec 22, 2005
Financial Daily from THE HINDU group of publications Thursday, Dec 22, 2005 |
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Corporate
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New Projects Industry & Economy - Steel Salem Steel to get Rs 1,200-cr facelift Our Bureau
New Delhi , Dec. 21 SALEM Steel Plant, the onlystainless steel plant under Steel Authority of India Ltd (SAIL), will get a Rs 1,200-crore facelift with the Government deciding to double its capacity. The Minister for Steel, Chemicals and Fertilisers, Mr Ram Vilas Paswan, told newspersons that the Government has agreed to a proposal to set up a steel melting shop and a cold rolling mill (CRM) at the plant. The decision was taken at a meeting among Mr Paswan, the Minister for Telecommunication, Mr Dayanidhi Maran, and the Minister for Environment and Forest, Mr A. Raja.Mr Paswan said, "We have agreed to have a second cold rolling mill at Salem Steel Plant. It also will have a steel melting shop. This will take the total cold rolling capacity from the present 70,000 tonnes per annum to 1.5 lakh tonnes per annum." The Minister said the plant is dependent on external sources and private parties for raw materials because it does not have a steel melting shop. "Once the steel melting shop and the cold rolling mill are in place the plant will become self-sufficient and not depend on others for raw materials," he said. The Minister also said that the Government has "agreed in-principle" on the merger into SAIL of Maharashtra Elektrosmelt Ltd and Manganese Ore (India) Ltd but formalisation would require certain steps.
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