TISCO to buy a coal mine in Australia

TISCO to buy a coal mine in Australia

Indian steel producer Tata Iron and Steel Corporation Ltd (TISCO) plans to buy a coal mine in Australia since the company needs more coal in order to increase its steel output. TISCO officials stated that they hope to acquire a coal mine in Australia by the end of current fiscal. TISCO with a 5 million-ton capacity has its own coal mines however the company imports 2 million tons of coal annually in order to meet its coal requirement. SteelOrbis previously reported that TISCO planned to increase its capacity to 15 million tons by 2010. In order to achieve this goal, the company will need to import 6-7 million tons of coal annually.