Sinosteel plans 5-mt steel plant in Jharkhand

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Sinosteel India Pvt Ltd, a wholly owned subsidiary of Sinosteel Corporation, is likely to set up a 5-million tonnes steel plant in Jharkand. The company expects to sign a memorandum of understanding (MoU) with Jharkhand by May-end.

“We have already discussed our plans with Jharkhand chief minister and the state chief secretary. We are likely to sign an MoU within the next two months,” Hongsen Wang, MD, Sinosteel India told FE.

The production capacity of the plant will be 1.5 million tones initially, which will be increased to 3 million tonnes within 3 years and to 5 million tones within 5 years, once the plant starts functioning, he added.

The plant is likely to come up around Jamshedpur. However, the company is likely to set up the plant any where in Jharkhand depending upon the allocation of land by the Jharkhand government. The company will initially invest $500 million.

Sinosteel India is also in talks with the West Bengal government to set up a metallurgical and engineering equipment plant in Haldia, West Bengal. “We want to set up a metallurgical and engineering equipment plant in India and are in advance stages of talks with the West Bengal government,” Wang said.