Four steel companies sign MoU's with Orissa government

Four steel companies sign MoU’s with Orissa government

According to recent news in the market, four Indian steel companies have signed memorandum of understanding with the Orissa government to establish sponge iron and steel plants in the Orissa state. As reported by SteelOrbis early this week, Orissa government announced that it would sign MoU's with Indian steel producers, namely Maharashtra Seamless, SPS Sponge Iron, Orissa Sponge Iron and Sunflag Special Steels Ltd on Aug 26, 2004. Under the scope of the MoU signed yesterday, the four companies will invest Rupees 28 billion ($604 million) collectively to produce 2.8 million tons of steel products per annum.