TATA Metaliks shelves mini steel plant at Kharagpur

BL reported that TATAT Metaliks Ltd’s has decided not to go ahead with a mini steel plant at Kharagpur.

The West Bengal Government could not provide the 300 acres the company wanted for setting up the plant. Meanwhile, the company is going ahead with its plan to set up a unit in Karnataka.

Mr HM Nerurkar chairman of TATA Metaliks told newspersons at the end of the company’s annual general meeting that land has been identified for setting up a unit in Karnataka to cater to the western market. However, the actual work on the Karnataka project would start from next fiscal as the current year’s focus was on improving the company’s performance.

Earlier, addressing the shareholders, he said the company suffered a loss of over INR 14 crore in the first quarter mainly due to the shutdown of the blast furnace of the Kharagpur plant. He said that “The operation resumed in August and the production stabilized and the second quarter performance is going to be good.”

(Sourced from http://www.steelguru.com/news/index/2009/09/17+09%3A38%3A07/MTEyMDc2/TATA_Metaliks_shelves_mini_steel_plant_at_Kharagpur.html)

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