Commissioning of the facilities is scheduled for mid-2020. Once in operation, the plant will be one of the most advanced and productive benchmark for the markets in terms of technology, quality, efficiency and low operational costs.
Domestic consumption is increasing at the rate of 7.3% or 7.5%. In a way, the market is growing and the price has stabilised, Aruna Sharma, Former Steel Secretary, tells ET Now.
"We started setting up the cement plant and invested in port. We are commissioning new berths in Paradip Port. We are making plans to invest for a large greenfield steel plant in Odisha," JSW Chairman Sajjan Jindal said.
Mittal has also paid Rs 7649 crore of dues owed by Uttam Galva, a company in which Arcelor Mittal held 29% stake and KSS Petron in which he had invested in his personal capacity in order to qualify as a bidder for Essar Steel.
“The company will now enter into further final negotiations with the CoC,” it added. Essar Steel owes Rs 49,000 crore to various banks and was admitted by the National Company Law Tribunal (NCLT) in August last year, led by lead banker State Bank of India.
During the said quarter, there was a rise of 2 percent in production of flat rolled products at 2.96 MT as against 2.89 MT in the year-ago quarter, it said.
The company has already supplied Rails to national railways of Iran and Bangladesh; and to Dedicated Freight Corridor of India. The company has capabilities to manufacture single piece rails of upto 121 metre length and upto 480 metre (with three welds) for higher durability.
JSW Steel said its current project to revamp and upgrade capacity of blast furnace-3 at the Vijayanagar plant is on track, which will improve hot metal availability.
Kalinganagar, spread over 3000 acres of land in Jajpur can accommodate a 16 million tonne plant.
The integrated steel manufacturing unit in Ohio was acquired as part of the recently concluded Acero Junction Holdings Inc deal.
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