SAIL improving iron ore capacity, plans to sell the surplus
According to the news from the industry, state owned Steel Authority of
India Ltd. (
SAIL) is reportedly effecting huge investment plans in order to increase
iron ore capacity up to 30 million tons per annum by 2012. The expansion in
production capacity is planned to be realized through upgrading of current mines and opening of new mines.
SAIL's current annual
iron ore capacity is 24 million tons.
The fact that
India is becoming gradually more attractive for major steel making countries as the country is a consistent supplier with its massive
iron ore reserve, has given hint to
SAIL and paved the way for the upgrading
investments.
These
investments will enable the Indian company to set higher
production targets as well as to join the improving
iron ore trade worldwide.
SAIL, considering to supply particularly the domestic market, is said to be working on outlining of a long term plan for sales of excess
iron ore.