Indian Steel Ministry plans to merge IISCO with SAIL

Monday, 28 June 2004 11:20:49 (GMT+3)   |  
       

Indian Steel Ministry plans to merge IISCO with SAIL

Indian Steel Ministry has recently announced that it plans to merge Indian Iron & Steel Co Ltd (IISCO) with Steel Authority of India Ltd (SAIL) and it has given up the idea of privatizing Salem Steel Plant (SSP). However, it also stated that development of IISCO is to be followed and then a precise decision will be taken regarding the merger with SAIL. Provided that the merger takes place, SAIL, currently suffering from iron ore shortage, may benefit from IISCO's iron ore mine at Chiria. In the case of privatizing of SSP, Ministry announced that SSP has started registering profits, hence privatization of the mill is not to be mentioned for the time being. Moreover, Steel Ministry refused restoration of Duty Entitlement Pass Book (DEPB) incentives for exports, claiming that priority should be given to the problem of huge steel demand in domestic market, then the problems regarding exports should be discussed.

Similar articles

Goa government to ease policy for liquidating iron ore dumps lying on private land

28 Mar | Steel News

Major steel and raw material futures prices in China - March 28, 2024

28 Mar | Longs and Billet

CISA: Coking coal purchase cost in China down 9.86% in Jan-Feb

28 Mar | Steel News

Brazilian high-grade iron ore price declines sharply in two days

27 Mar | Scrap & Raw Materials

Daily iron ore prices CFR China - March 27, 2024

27 Mar | Scrap & Raw Materials

India’s JSPL takes operational charge of iron ore complex in Venezuela

27 Mar | Steel News

Major steel and raw material futures prices in China - March 27, 2024

27 Mar | Longs and Billet

Vale selected to begin award negotiations for US briquette plant

26 Mar | Steel News

Daily iron ore prices CFR China - March 26, 2024

26 Mar | Scrap & Raw Materials

India’s SEML subsidiary secures mining rights to iron ore block

26 Mar | Steel News