Unfortunate that we import steel, iron ore: Tata Steel

Aug 16 2014, 02:22 IST
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SummaryPitching for proper utilisation of resources, Tata Steel MD (India and South East Asia) TV Narendran said on Friday it was "unfortunate" that steel and iron

Pitching for proper utilisation of resources, Tata Steel MD (India and South East Asia) TV Narendran said on Friday it was "unfortunate" that steel and iron ore are being imported by a country blessed with rich mineral reserves.

"It is really unfortunate that we are importing steel and iron-ore whereas we have abundance of the mineral in the country," Narendran said.

Talking to mediapersons soon after he unfurled the tricolour on the occasion of the 68th Independence day inside Tata Steel works here, Narendran said we could generate employment and play a role in the development of the country if the mineral was utilised properly. Narendran said steel plants were being established in the periphery of iron-ore mines because of advantages like access to raw material and lower transportation costs.

Earlier, delivering his speech, Narendran said the steel segment has recorded stupendous growth in the last 2-3 decades.

Referring to the increasing demand for iron ore, Narendran said a couple of decades ago, the cost of iron ore per tonne stood at around $20. A decade later, the value of the mineral may not be worth as it is today, he added.

The Tata Steel official claimed that the private steel major has been an example as an industrial enterprise maintaining the right balance among its shareholders, employees as well as communities, and upholding democratic values while playing a role in the development of the country.

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