Beni Prasad Verma held discussions with OAO Severstal, one of the world’s leading vertically integrated steel and steel related mining companies in Moscow, Russia.
A high level delegation led by the Minister of Steel, Shri Beni Prasad Verma held discussions with OAO Severstal, one of the world’s leading vertically integrated steel and steel related mining companies in Moscow, Russia on November 10, 2011. During the visit, Shri Verma together with Mr. P.K. Mishra, the Steel Secretary and Shri Rana Som of NMDC met Mr. Viktor Khristenko, the Minister of Industry and Trade of the Russian Federation. Severstal’s and NMDC executives discussed progress in establishing their joint project in Karnataka, India. Mr. Alexey Mordashov and Shri Rana Som signed the Implementation Protocol in the presence of Shri Verma, elaborating upon the Memorandum of Understanding dated December 2010. The Protocol defines the target initial plant capacity which would be 3 mn 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. Mr. Alexey Mordashov, Chief Executive of OAO Severstal, said that We at Severstal are delighted to welcome the the Minister of Steel Mr Verma and our partners from NMDC to Russia. Our joint venture project in India with NMDC, the country’s leading iron ore producer, provides a very good fit with Severstal’s vertically-integrated, growth-focused Business Model. Shri P.K.Mishra, Steel Secretary said that The joint venture of Severstal and NMDC will be another milestone in India-Russia economic cooperation and will be an important investment for the Indian Steel industry.