Steelmakers Seek Adequate Supply of Iron Ore from Karnataka
The Deccan Herald reported that Karnataka based steel makers have sought firm assurance from the Karnataka government on the availability of raw
The Deccan Herald reported that Karnataka based steel makers have sought firm assurance from the Karnataka government on the availability of raw material to cater to their current needs and upcoming expansion plans. Karnataka Iron and Steel Manufacturers Association in a letter written to the Karnataka’s Minister of Mines Mr Murugesh Nirani stated that it would be difficult for the industry to expand in the state if the government does not ensure an adequate supply of iron ore. KISMA said “Currently, the steel industry produces 19 million tonnes of steel and allied products and the capacity is expected to go up to 34 million tonnes by 2025. The availability of iron ore currently stands at 32 million tonnes, while the requirement is 35 million tonnes. The requirement is expected to increase to 47 million tonnes by 2023 and 61 million tonnes by 2025.”
Keeping in mind the growth of the steel mills, KISMA has urged the state government to auction virgin mines and amalgamated mining leases in order to meet the demand in the next five years.