After Tata Steel, Essar Steel is likely to join the race for Brazilian miner and steelmaker CSN's Nacionale Minerios (Namisa), a fully integrated iron ore company, Sources close to the development said Goldman Sachs has approached Essar with the acquisition proposal and the company was considering it. Goldman Sachs, which advised CSN during the takeover battle for Anglo-Dutch steel company Corus with Tata Steel last year, has been retained as its financial advisor for Namisa.

Japanese carmaker Honda on Tuesday cautioned that high interest rates and inflation would impact car sales in India this financial year, though said premium segment would manage a double digit growth. The company, that rolled out its next-generation Accord sedan after the model was discontinued a few months back, said market conditions appear to be tough for the first two quarters of 2007-08.

India's $90 billion industrial corridor project is on track, and rising prices of steel and cement will not hamper work, industry minister said. It includes high speed rail freight lines, power plants to supply an additional 4,000 megawatt, three sea ports and six airports, 12 industrial clusters, 10 logistic parks and agricultural hubs. REUTERS

Government is considering to withdraw the export duty on steel that it had notified on May 10, after a request towards this end has come from the steel ministry. Steel secretary RS Pandey said the demand of the steel producers on rolling back the export duty is under consideration and a decision is expected soon. He said inter-ministerial consultations are on regarding this issue.

Nahan- Former MLA from Paonta Doon constituency, Fateh Singh Mehralu, in a statement today, urged Chief Minister Prem Kumar Dhumal to be liberal regarding the development of Sirmaur district. He said Dhumal had assured during the Assembly elections to provide all help for the development of Sirmaur, but in the case of a steel plant by Steel Authority of India, the Chief Minister had opted for Kangra.

Kozhikode: Steel Authority of India Limited (SAIL) has signed a memorandum of understanding with the government of Kerala for revival of the loss-making Steel Complex Limited (SCL), a 50,000 tonnes per annum company producing continuous cast billets which is used by re-rollers for producing TMT bars for the construction industry.

Tata Steel, the world's sixth-largest steel maker, is looking to acquire Brazilian iron ore assets of the UK-based London Mining (LM), which will help ensure raw material supply for its Anglo-Dutch subsidiary, Corus. The valuation of the asset is yet to be completed, but analysts said, it would be in the range of $2 billion. Tata Steel is among various global steel and mining majors that have shown interest in acquiring the assets after London Mining said it was reconsidering its investments in Brazil last month.

Indian Railways have fallen prey to the spiralling steel prices with a large number of ongoing construction projects, particular those relating to bridges, slowing down and contractors threatening to pull out, citing inability to procure steel at the current market rates What has further raised alarm bells at the Rail Bhavan is the fact that not enough players coming forward to bid for new construction projects.

BOKARO (Jharkhand): Union chemical, fertiliser and steel minister, Mr Ram Vilas Paswan today announced plans for setting up of a 12 million ton greenfield steel plant in Jharkhand, but only if the iron ore dispute is settled with the Jharkhand state government.