SAIL improving iron ore capacity, plans to sell the surplus

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.