Visakhapatnam Steel intends to buy iron ore mines

Visakhapatnam Steel intends to buy iron ore mines

According to market reports, Indian public owned steel producer Visakhapatnam Steel Plant (VSP) plans to buy iron ore mines in Orissa and Chhattisgarh in order to have a secure raw material supply and lower costs. In line with its plans, VSP is holding negotiations with the governments of the aforecited states of India. In case negotiations end with favorable results, company will save Rupees 1.2 billion ($26.4 million) per year as VSP consumes 6 million tons of iron ore annually.