ArcelorMittal, Posco seek faster allocation of iron ore

ArcelorMittal, Posco seek faster allocation of iron ore


New Delhi: World’s leading steel makers including Posco and ArcelorMittal have asked government to speed up allocation of iron ore mines, saying they are critical for their greenfield projects planned in India.

The steel majors also want the Centre to ensure mineral linkages and fast statutory clearances for timely completion of their billion-dollar steel projects.

“Among the major impediments that the investors including Posco and ArcelorMittal want to be addressed include mineral linkages, allotment of captive iron ore mines and land acquisition," Steel Secretary P K Rastogi told PTI.

The secretary had yesterday convened a meeting of mega steel investors to take stock of their problems in setting up greenfield projects, which are essential to meet government’s target of adding 124 million tonnes of steel capacity by 2012.

“We have heard from major steel investors their concerns and requirements for setting up greenfield projects. Ministry will put forth the points before the inter-ministerial group soon," Rastogi said.

Besides the representatives of ArcelorMittal and Posco, senior officials from Tata Steel, Essar, JSW Steel and Ispat Industries apprised the ministry of the bottlenecks being faced by them in execution of greenfield projects.

“We have applied for prospecting licence for mining in Orissa and are waiting for a response from the government," ArcelorMittal India CEO Vijay Bhatnagar said.

The company, however, plans to commence the steel plant by 2012, he added.