SAIL-Posco pact to be finalised by Jan-end

Our Bureau New Delhi | Updated on March 12, 2018 Published on January 11, 2012

The modalities of the joint venture between Steel Authority of India Ltd (SAIL) and South Korean firm Posco are likely to be finalised by the end of this month, Steel Secretary, Mr P.K. Misra, said on Wednesday.

The Steel Secretary was speaking on the sidelines of the inaugural session of a ‘Steel Seminar on FINEX Technical Application', organised by FICCI and Posco.

“We are working on it. We will be able to decide by the end of this month,” Mr Misra said.

SAIL and Posco had proposed a Rs 17,000-crore joint venture to set up a steel plant at Bokaro in Jharkhand. Negotiations for the same have been going on for more than a year now.

The joint venture proposes to use Posco's patented finex technology for steel-making. If this happens, it would be the first outside Korea. Finex is an environment-friendly process where iron ore fines and non-coking coal are directly used, bringing down operational costs.

“It combines the advantage of being less land intensive than the traditional blast furnace, and at the same time offering economies in capital as well as operating cost by using iron ore fines directly,” Mr Misra said.

The Secretary estimated the growth in domestic steel consumption at around 8 per cent for the current fiscal. He admitted that land availability for mega green-field projects will continue to nag promoters till a “widely acceptable policy for Rehabilitation and Resettlement (R&R) that has the acceptance of the States emerges.”




Published on January 11, 2012

A letter from the Editor

Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.