Comments
Tata Steel has stepped up investments in Canada and France.
Tata Steel Minerals Canada, a joint venture between New Millennium Iron (NM) and Tata Steel, is to invest $12.8 million in a new multi-user dock facility in Quebec’s Port of Sept Iles, to enhance EU iron ore shipments.
The joint venture has a near-term direct shipping ore project under construction and is completing a feasibility study on its Taconite Project in Canada.
New technology
In a statement with regards to its European operations, the Indian steel major said it is to invest €12 million in new technology so it can produce longer wear-resistant rails at its French steel mill. With the latest amount, Tata Steel has invested almost €50 million in the facility over the last three years.
The new technology will enable Tata Steel to heat-treat rails of up to 108 metres in length at its Hayange facility in the Lorraine region of north-east France.
Heat-treated rails can last up to three times longer than standard rails when used in high-wear conditions such as heavy traffic, high-axle loads or tight curves.
In a statement, Gerard Glas, head of Tata Steel’s Rail Sector said, “The investment reinforces our commitment to developing a range of premium rail products suitable for different environments around the world”.
Last year, Tata Steel had secured a major order to supply railway lines for a new 300.8 km high-speed track between the French cities of Tours and Bordeaux. And in 2009, French railway operator SNCF signed a $430-million contract with Tata Steel to buy rail for up to six years.
In Canada, an agreement has been signed with the Sept-Iles Port Authority providing access to a minimum of 5 million tonnes of annual shipping capacity from the new multi-user deep water dock facility. In a statement, the Canadian firm has said the Sept-Iles harbour is an ideal location for year round shipping in large ore carriers to Tata Steel’s European plants.
Dean Journeaux, President and CEO of NM, said in a statement, the new dock would enable the joint venture to reduce costs associated with loading of vessels and shipping to Europe.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.