Steel Industry Monitor

OJSC Severstal and NMDC JV Plans Steel Plant

NMDC signed an MoU with OJSC Severstal, Russia today to set up a greenfield steel plant through a joint venture.

The MoU was signed to establish a joint venture to build an integrated steel plant in India. The JVC has proposed that its coking coal mining subsidiary in Russia and a iron ore mining subsidiary in India will ensure the long-term supply of the raw materials.

The plant which is to be built in the state of Karnataka, will have an initial capacity of 2 million tonnes per annum expandable to 5 million tons per year. Severstal and NMDC each will have a 50% stake in the joint venture.

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