Saturday, May 30, 2009

Shri Virbhadra Singh assumes charge of the Steel Ministry to focus on timely completion of expansion of SAIL and RINL 

The Minister for Steel Shri Virbhadra Singh assumed charge of the Ministry here today. Talking to newsmen after taking charge he said, that one of the key priorities will be to ensure that the expansion programmes of the public sector giants Steel Authority of India Limited (SAIL) and Rashtriya Ispat Nigam Limited (RINL) is completed in time in a cost effective fashion. He said, while the capacity of SAIL will go up to 26 million tonnes that of RINL will go up to 6 million tonnes after the expansion. Both the expansion programmes will involve an expenditure of over Rs.70,000 Crore. The new Minister said, Steel sector in India and China have recorded positive growth during the first quarter of this calendar year while the global steel production has contracted by 23 per cent during the same period. 

Shri Virbhadra Singh said, another focus area would be to bring in a rational, seamless and transparent regime for allocation of raw material resources to existing and prospective steel producers. He said, Ministry of Mines will be requested to undertake consequential amendments to Mines and Minerals (Development and Regulation) Act 1957 to bring amendments to force. 

He said, there is a need to restructure some of the smaller steel PSUs and for attempting mergers to capture the benefits of improved synergies. The companies under restructuring/merger mode include the Bird group of companies, HSCL, BRL and SIIL. The Minister was welcomed by the Steel Secretary Shri P.K.Rastogi and other senior officers on his arrival in the Ministry. He was also given a presentation on the functioning of the Ministry and the Steel Sector.

No comments: