Major steel producer, Tata Steel, has registered sales down by 14%, to 1.07 million tonnes for the quarter ended December 2008 compare to a last year period despite a growth of 27% sales of long products, which is mostly demanded by the construction industry.
The company witnessed an increase in hot metal production by 23%, to 1.70 million tonnes and crude steel production by 17%, to 1.50 million tonnes during the period while the saleable steel production remained unchanged at 1.24 million tonnes.
In yet another related development, MSP Steel and Power has received the approval from the Ministry of Mines, Government of India for prospecting license to the company for having its iron ore mines over an area of 150.00 hectare of Durgkondal Forest Rang in Kanker district of Chhattisgarh.
The license authorizes the company to have its own iron ore mines for manufacturing operations. The company will become cost competitive compared to other steel manufacturers with its own coal blocks and iron ore mines.