Tata Steel gets nod for S Africa smelter

MUMBAI: Tata Steel, the country’s largest steel company, has finally won an approval to build a Rs 550 crore ferrochrome smelter in Richards Bay on South Africa’s East Coast.

A senior Tata Steel official, confirmed the development saying the environmental clearance, which was virtually the last hurdle was obtained last week.

Tata Steel is in the process of securing the land needed to locate the project, he added.

“If everything goes as per plan, the Rs 550 crore project will start work by mid-July. The project is slated for completion in 18 months,” the official added.  Ferro chrome is a key ingredient in the making of stainless steel.

Currently, the global stainless steel market stands at about 20 million tonnes per annum, is growing at 4% annually. Out of the current annual production of approximately 4.5 million tonnes of ferro chrome, stainless steel consumes more than 4 million tonnes. The rest is consumed by specialty steel.

The greenfield ferro-steel steel project triggered environmental groups to oppose the project for about a year.