Reeling under acute financial crisis and several hurdles, Electrosteel Plant (ESl) at Bokaro will get revamped soon. Our Government will provide all kinds of support,” said Minister of State for Finance, Jayant Sinha.
“This Electrosteel Plant at Bokaro is a part of green field investment and important for us,” said Minister adding, “our Government will provide all needful support after analysing the status and situation”.
Minister assured all kinds of assistance to the industrial units for the inclusive growth.
“As steel industries are facing many challenges and seeing huge slowdown, we are also keeping a close watch on the alternatives for earliest completion of this plant and to increase its production capacity, said Sinha. ESl at Bokaro is 2.51 million tonne steel plant but now produces only 1.5 MT steel.
Employment opportunities will also get increased with completion of the plant and attaining of its full capacity production, said Sinha to the reporters. He rushed to Bokaro on Monday to take a review of the ESl plant.
Minister admitted that there is a sharp decline in global steel and commodity prices, which have created problems for the steel industry in many countries as Chinese Steel makers dumped the steel in the international market at very low price. Due to Chinese steel, the price of Indian steel prices have decreased by 50 per cent, said Sinha.
ESl at Bokaro a green field project at Siyaljori in Bokaro is 2.51 million tonne steel plant, designed and built by the Chinese steel major laiwu Steel Group limited (lSGl). This is the first green field project with the Chinese technology started it production in the end of 2011.
Its unit is based on Blast Furnace (BF)-Basic Oxygen Furnace (BOF)-Billet Caster and Hot Rolling Route and will produce 1.2 MTPA of long steel products, comprising 0.5 MTPA of 5.5-12.0 mm diameter wire rods in coil form and 0.7 MTPA of reinforcement bars in straight lengths and bundled in the range of 8-32 mm and plain rounds up to 60 mm diameter.
The plant will have a 0.33 MTPA DI pipe production facility in the same complex and will be provided with hot metal from the blast furnaces. The plant will also have production facilities for 0.27 MTPA of commercial billets and 0.40 MTPA of pig iron.
Now ESl is striving to commission and operation of the unit. This newly commissioned plant about to closer due several hurdles including financial crisis, crisis of raw materials including iron ore and coal.
During his visit, Sinha saw the power point presentations of different units of ESl, interacted with the officials and praised with their performances.