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Nation’s top steel firms, govt ink pact to set up R&D body

Nation’s top steel firms, govt ink pact to set up R&D body
The initiative aims at increasing investment on R&D in steel from 0.2-0.3 per cent of the sector’s total turnover, to international benchmark of 1-2 per cent. The body has been set up after a recommendation was made by a high level Task Force set up by the Ministry of Steel. The government is looking at enhancing India’s steel production to 300 million tonnes by 2025, from about 100 MT at present.

Major steel companies including SAIL, Tata Steel, JSW Steel, JSPL and RINL signed with the Ministry of Steel a Memorandum of Understanding to set up of Steel Research and Technology Mission of India (SRTMI), said an official statement. “The initial corpus for setting up of SRTMI is of Rs 200 crore wherein Rs 100 crore will be contributed from the Steel Development Fund of the Ministry, and Rs 100 crore will be provided by the participating companies,” the ministry said.

Steel and Mines Minister Narendra Singh Tomar said: “The joint initiative of steel industry and government will definitely yield results, if same enthusiasm and spirit is maintained at all times. In a youth rich country like India, steel industry can play a major role in creating employment.”

SC Mining bans raise iron ore imports by 400%

India’s iron ore imports jumped manifold to a record 15 million tonnes in the financial year 2014-15 owing to ban on mining activities, a report said. A report by industry consultancy SteelMint said that FY15 marked an all time high of 15 MT iron ore imports into India.

The huge import of Iron ore last fiscal by an iron ore rich India is attributed to the bans on various mines by the Supreme Court. In 2013-14, the imports stood at a mere 3.2 lakh tonne. Imports last fiscal were largely from South Africa, Brazil, Australia  and Oman among others.
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