VSP signs MoU with Indian Steel Ministry

VSP signs MoU with Indian Steel Ministry

Indian steel producer Visakhapatnam Steel Plant (VSP) and the Indian Steel Ministry signed a memorandum of understanding (MoU) for the fiscal year 2005-2006. The MoU details that VSP will produce 4 million tons of hot metal and 3.1 million tons of saleable steel during the 2005-2006 fiscal year. The figures equate to a capacity utilization rate of 118%. In return, the Indian Steel Ministry will assist VSP in the areas of capacity expansion and allotment of iron ore deposits.