September 08,
Tata Steel is on the hunt for more assets, especially Coking Coal mines. The company wants to enhance its raw material security.
“We are looking for mines abroad. The priority is getting more Coal but we are also looking at Iron ore,” said Mr P. Sengupta, Vice-President – Raw Materials, Tata Steel.
The company has Iron ore assets in Canada and Ivory Coast and coking coal assets in Mozambique and Australia, in addition to its domestic assets.
However, Tata Steel is yet to develop the assets in Ivory Coast. Tata Steel’s Managing Director, Mr H. M. Nerurkar said, at a briefing on Monday, that its Ivory Coast assets could yield as much as 20 MT of Iron ore a year.
On the issue of steel prices, Mr Nerurkar said that the steel prices depend on the price of raw materials. “Demand for raw materials will continue to be higher than the supply, so I don’t see those prices falling. Steel prices should remain at the levels that they are at today,” he added.
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