Mumbai: South Korean steel major Posco has sounded out unlisted Essar Steel for an alliance to build the planned $12 billion (12 million tonnes) steel plant in Orissa, which has run into repeated hurdles since the world’s fifth largest steel maker signed the construction agreement with the state government in 2005.

“They (Posco) have approached us (Essar Steel) through a third party to revive the Orissa steel plant,” a person with direct knowledge of the development, but doesn’t want to identified, told FE. “We are yet to respond to Posco’s proposal,” the person added.

Twenty-one iron and steel plants, having capacity of 0.5 million tonnes a year and above, are up for an independent “green” rating.

Last year, Ministry had scrapped coal blocks to 6 PSUs and 3 pvt firms for not developing them

The Coal Ministry is likely to begin this week the process of issuing show-cause notices to 58 captive coal block holders, including PSUs, which have not started the development work of mines in stipulated time. "The coal ministry is likely to issue show-cause notices to 58 coal block holders, both in public and private sector, sitting idle on them this week," a top official in the coal ministry said.

Current Indian investment may not be hit immediately

The Australian government’s move to impose 30 per cent tax on coal mining and iron ore profits might not affect any Indian investment in that country immediately, but could have an impact on Indian companies, including state-run mining major Coal India Limited (CIL), which are scouting for assets Down Under.

Tata Steel has flagged off the preparatory work of underground mining project at its Sukinda Chromite Mine (SCM), which has an annual chromite ore beneficiation facility of 6.5 lakh tonne.

"Mining at SCM is fully-mechanised at present. The roadmap ahead is to operate underground mines. This will go a long way in conserving natural resources and, thereby, contribute to sustainable mining in the country," Tata Steel Managing Director HM Nerurkar was quoted in a company statement.

Jharkhand High Court on Wednesday directed Tata Steel to prepare an action plan to remove slag from Kharkai and Subernarekha, the rap coming three days before the founder’s day celebrations and aft

A slag-choked Subernarekha may hope to breathe easy sometime soon.

Process still in its ‘nascent stages’; price yet to be fixed

Tata Steel may have claimed that the land acquisition process for its integrated steel plant at Agadi in the taluk had been completed. But the land acquisition officers and farmers beg to differ. While the officers say that the process is in its nascent stages, some farmers say it has not even started.
Tata Steel (Corporate Services) Vice-President Partha Sengupta had, a few days ago, stated that the land acquisition had been completed.

Tata Steel has secured a major contract from Siemens Wind Power to supply 25,000 tonne of high-quality profiled steel plate for wind towers.

The mines ministry has ticked off Odisha for its failure to check mining irregularities, saying it should share the blame for illegal mining.