Monnet Ispat expands sponge iron capacity

Monnet Ispat expands sponge iron capacity

Recent market news reports that, Monnet Ispat plans to increase its sponge iron capacity from 300'000 tons to 750'000 tons by 2005 with an investment of Rupees 2.3 billion (approx. $51 million). Moreover, the company will start using its own mines to supply coal and iron ore to become a fully integrated steel mill. Again with the same purpose, Monnet Ispat will merge with its sister company Monnet Power Ltd in September 2004. Monnet Ispat also plans to acquire iron ore mines in Eastern India and in Chattisgarh. The deals are expected to be finalized by the end of current fiscal.