JSW Steel plans to bid for iron ore blocks in Karnataka

NEW DELHI Wed Apr 24, 2013 1:02pm IST

Related Topics

Stocks

   

NEW DELHI (Reuters) - JSW Steel Ltd (JSTL.NS) plans to bid for iron ore mining blocks in Karnataka that could go up for auction after a Supreme Court order last week, as the country's third-largest steel producer looks to cut its dependence on costly imports.

JSW and rivals such as Essar Steel have been forced to import iron ore due to a ban on mining in two states of India, once the world's third-largest iron ore exporter that is expected to be a net importer this year.

"We will surely bid," Seshagiri Rao, joint managing director of JSW Steel, told Reuters. "How many we will bid for depends on the details of the auction process."

He said the company might have to keep importing iron ore, the main raw material for making steel, until domestic production ramps up.

India's top court last week canceled the leases of 49 iron ore mines in Karnataka because they were mining illegally. It said they may be assigned to the highest bidder among end-users.

JSW already has an iron ore joint venture in Karnataka with a production capacity of 2.5 million tonnes per year. The company has the capacity to produce more than 14 million tonnes of steel products per year, mainly for the domestic market. (Editing by Sunil Nair)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Public Health

REUTERS SHOWCASE

Airtel Profit Jumps

Airtel Profit Jumps

Bharti Q2 net profit more than doubles   Full Article 

Maruti Earnings

Maruti Earnings

Maruti Suzuki net profit up 29 percent, beats estimates.  Full Article 

ICICI Results

ICICI Results

ICICI Bank Q2 profit up 15 percent, beats estimates.  Full Article 

Cost Cutting

Cost Cutting

PM Narendra Modi boots officials out of the first class cabin  Full Article 

Market at Record

Market at Record

Sensex, Nifty hit record highs; reforms outpace hawkish Fed.  Full Article 

Moody's on India

Moody's on India

Moody's welcomes India's policy steps, but wants to see more.  Full Article 

End Of QE

End Of QE

U.S. Fed ends bond buying, exhibits confidence in U.S. recovery.  Full Article 

Samsung Results

Samsung Results

Smartphone woes drag Samsung Elec Q3 profit to more than 3-year low.  Full Article 

Refining Margins

Refining Margins

BPCL aims to double refining margins with refinery expansion.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage