NMDC will follow the Karnataka Government's policy on horizontal integration of iron ore mining by setting up a steel mill close to the mines leased by it at Donimalai in Bellary District, Joint General Manager C. Hanumantha Rao said here on Friday. Along with the steel mill planned at Baladila, the two steel plants would need Rs.17,000-crore investment.
Asked for further details on the NMDC's follow-up public offer opening on March 10, Mr. Rao said “the price will be reasonable and we are not out to make huge profits out of this public issue. The price band will be announced on March 8 after the high power committee and the Ministry hold their meetings.'' NMDC was looking at mining interests in Australia and South Africa for iron ore but was yet to finalise details, he said. The two steel plants with an annual capacity of 3 million tonnes each will be set up in Nagarnath in Madhya Pradesh and in Karnataka, Mr. Rao added.
