To securitise its iron ore requirements, ArcelorMittal Nippon Steel (AMNS) is participating in the ongoing auctions of iron ore mines in Odisha, a top official of the company said.
ArcelorMittal Nippon Steel India (AMNS India) is a 60:40 joint venture between L N Mittal-owned ArcelorMittal and Japan-based Nippon Steel Corporation. “We are participating in ongoing auctions of mines in Odisha,” AMNS CEO Dilip Oommen told on the sidelines of an industry event here.
When asked about the number of mines his company was bidding for in Odisha, he without sharing any figure replied “it is more of iron ore, less of coal.” He also replied in affirmative when asked about whether the company would be interested in more iron ore and coal mines which would be put on the block in future for auction.
Speaking on the importance of the opportunity, Oommen said any steel company has to securitise its sources of raw materials and AMNS is no different. So it is also participating in the auction process to securitise its iron requirements.
AMNS India buys iron ore fines in Kirandul in Chhattisgarh, where its beneficiation is carried out and transported to Vizag through slurry pipeline where it is converted into pellets and further transported to Hazira plant in Gujarat.
Similarly in Odisha, iron ore fines are bought from private miners at Dabuna beneficiated and sent through slurry pipeline to Paradip for conversion into pellets and shipped to Hazira.