Bhushan Steel is likely to sign a Memorandum of Understanding (MoU) with the Odisha Government in the current quarter, which will pave the way for the company mining 3.5 million tonnes of iron ore a year for its new steel projects. It is establishing a 2.5-mt steel plant in Meramandali in Odisha, which is expected to get commissioned in the third quarter of this year.
As per the company’s plan phase I (0.3mtpa) of this expansion was completed in 2009 while phase II (2mtpa) was completed in 2009-10. Work on phase III is in full swing and the management expects it to commission in the current financial year.
