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Severstal, NMDC Set Framework for Joint Project in India
11/15/2011 - Severstal and NMDC executives recently met in Moscow to discuss progress in establishing their joint project in Karnataka, India. The companies signed the Implementation Framework, elaborating upon the Memorandum of Understanding dated December 2010.
Severstal and NMDC executives recently met to discuss progress in establishing their joint project in Karnataka, India. Severstal welcomed a delegation from India comprising high-ranking government officials, the Honorable Minister of Steel Shri Beni Prasad Verma, Honorable Secretary of Steel P.K.Mishra, the Chairman and Managing Director of NMDC Ltd. Rana Som, and other executives from NMDC.
Verma met with Alexey Mordashov, Severstal’s CEO, in Moscow. Mordashov and Som signed the Implementation Framework in the presence of Verma, elaborating upon the Memorandum of Understanding dated December 2010.
The Implementation Framework defines the target initial plant capacity, which would be 3 million tonnes finished steel. It also confirms the intention of NMDC and Severstal to fully meet the joint venture’s captive requirements of both iron ore and coking coal so that it becomes fully integrated for these primary raw materials. Until the captive assets are fully developed, NMDC and Severstal take the responsibilities to supply, respectively, iron ore and coking coal to the JV at market basis from their existing assets or alternative sources.
ОАО Severstal is one of the world’s leading vertically integrated steel and steel-related mining companies, with assets in Russia, the U.S., the Ukraine, Latvia, Poland, Italy, Liberia and Brazil. Severstal’s gold business, Nordgold, was established in 2007 and comprises mines and exploration projects in Russia, Kazakhstan, Burkina Faso, and Guinea. Severstal’s crude steel production in 2010 was 14.7 million tonnes.
