SINOSTEEL PROJECT TO START IN APRIL
SINOSTEEL, the $16-billion state-owned Chinese steel major, will start work on its proposed unit in West Bengal in April. The new unit due to come up in the port town of Haldia will be Sinosteel's first manufacturing presence in India. Sinosteel, which plans an investment of Rs 200 crore, will manufacture cold forged steel rolls used in cold rolling mills. "Construction work on our plant in West Bengal will start from April. We have got possession of 30 acres at Haldia on which the plant will come up. We have already placed orders for equipment which will be shipped from China." Sinosteel India MD Hangseng Wang said. He is in the city to attend a steel seminar. The meet will focus on bringing steel and allied sectors of China and India closer. The Haldia unit will have a capacity of 5,000 tonne and will meet one-third of the requirements in the Indian steel industry. The investment in West Bengal is a part of the $2-biIlion package being readied by Sinosteel for stepping up its manufacturing presence in India. As part of this project, Sinosteel had signed a MoU last year with the Jharkhand government for a 2-million tonne (ml) integrated steel plant. "All necessary approvals from external affairs, finance and steel ministry have come through. We would like to start work as soon as we get the land," Mr Wang said. Sinosteel, which is into mining, design and manufacturing of steel plant equipment, has been involved in construction of almost all major plants in China. The proposed project is likely to come up in Silli-Chandil area near Ranchi. Sinosteel is looking at 300 mt of iron ore reserves for which the company will apply for a mining lease. "However, we will not wait for getting a mining lease before we start our operations. Instead, we will stick to our schedule. If necessary, we would source iron ore from private mines in and around the area," Mr Wang added. China, which produced 489 mt of steel in 2007, is the largest steel producer in the world. "We can do a lot for the fast growing Indian steel industry," Mr Wang added.
China’s state owned Sinosteel has decided to infuse Rs 200 crore to set up a manufacturing plant for cold forged steel rolls at Haldia in West Bengal.
Hangseng Wang, the Managing Director of Sinosteel India said, the company had acquired 30 acres at Haldia and the construction work would in April. He is in Kolkata to attend a steel seminar, which is focusing on bringing closer steel and allied sectors in China and India.
The Haldia unit will have a capacity of 5,000 tonne and will meet one-third of the requirement of the Indian steel industry. The investment in West Bengal is part of a $2-billion package being readied by Sinosteel for India. Last year, Sinosteel had signed an MoU with the Jharkhand government for a 2 million tonne (mt) integrated steel plant.
Sinosteel, which is into mining, design and manufacture of steel plant equipment, has been involved in construction of almost all major plants in China.
The Jharkhand project is likely to come up in Silli-Chandil area near Ranchi. Sinosteel is eyeing about 300 million tonne of iron ore reserves in the area, for which it will apply for a mining lease.