Major Indian steelmaker JSW Steel aims to produce 80 percent of the iron ore needed for its Vijayanagar plant in southern India within three years, according to report from Reuters.
Reuters stated that JSW Steel expects to start production of iron ore at the five mines it has recently won in an auction, while it also plans to bid for more mines in an upcoming auction.
With its own iron ore production, the company aims to cut costs in the long term. JSW Steel’s Vijayanagar plant has an annual steelmaking capacity of 12 million mt and needs 22 million mt of iron ore per year.