'Posco to get OK only if its valueable'

South Korean steel giant Posco's 12 million tonne integrated steel project in Orissa is likely to face further delay as the state government has said its application for mining lease would be considered on a priority basis only if "the steelmaker adds value to its proposal."

"It is not necessary that Posco would get a mining lease in the state as there are 40 bidders in the fray. The Korean company's case could only be considered favourably if it adds value to its proposal," Orissa Industry Secretary Ashok Dalwai said.

He, however, did not elaborate on what he meant by adding more value to the proposal.

The world's third largest steelmaker, in its MoU signed in June 2005, had proposed to build the plant in the coastal state's Jagatsinghpur district at a cost of Rs 52,000 crore.

Read more in Financial Express

Mittal violating pact with ONGC: official

Steel tycoon Lakshmi N Mittal's acquisition of 49% stake in Hindustan Petroleum's $3 billion Bhatinda refinery has violated his pact with Oil and Natural Gas Corp (ONGC) to pursue hydrocarbon opportunities exclusively with the flagship Indian firm, an ONGC official has said.

Though Mittal inked a joint venture agreement in July 2005 with the state-run firm to form ONGC-Mittal Energy for acquisition of oil and gas fields, refinery business and LNG projects, the steel czar recently decided to go it alone in investing Rs 3,300 crore in the Bhatinda refinery.

Besides, Mittal has on his own bought 50% stake in a Kazakhstan oil firm from Russia's Lukoil for $980 million and acquired 3% stake in the $6 billion Chevron-operated Olokola LNG (OK-LNG) project in Nigeria.

Read more at Business Standard

Cap iron ore exports to 90MT: Industry to govt

In a move to keep more of the raw material at home, the Indian steel industry today demanded that the government place a quantitative restriction on iron ore export at 90 million tonnes for the current year.

"Iron ore export needs to be limited because there is a shortage in the supply of iron ore to the domestic steel industry," Moosa Raza, president, Indian Steel Alliance, today said at a press conference organised by industry body Assocham.

The industry has also asked for a 15% reduction in the cap on iron ore export every year until the exports are brought down to zero per cent. India currently exports 90-100 million tonnes of iron ore, mostly to China.

Read more at Business Standard