Steel Ministry Directs SAIL and NMDC to Explore Overseas Mining Assets
· Business · Moneycontrol
The Union Steel Ministry has directed state-run steel producer SAIL and mining major NMDC to actively explore mining assets abroad. The strategic directive aims to secure long-term raw material supplies for domestic steel production and reduce import dependency. Both companies have been asked to identify and evaluate overseas opportunities, particularly for coking coal and critical minerals. The move comes as India looks to secure critical resources to support its ambitious domestic steel capacity expansion targets. Specific timelines and targeted countries for the overseas acquisitions have not been publicly disclosed.
Why it matters
This directive directly impacts India's domestic steel sector by pushing state-owned enterprises to secure vital raw materials abroad, helping insulate local manufacturers from global supply chain shocks and price volatility.
Read the original report — Moneycontrol
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