Sinosteel to set up plant in Jharkhand
China-based Sinosteel today said it would set up its first integrated steel plant in Jharkhand and a cold forged rolls unit at Haldia in West Bengal. "We are in the mining, designing and equipment supply business and have participated in the construction of big steel plants in China. But, for the first time we are putting up an integrated steel plant,' Hongsen Wang, managing director of Sinosteel India, told reporters on the eve of the International Steel Seminar being organised by the Steel Scenario journal. Wang said Sinosteel has submitted the proposal to the government for setting up the steel plant in Jharkhand for which the company would invest $ 2 billion. "It will be a five-million-tonne plant, but in the first phase we will start with two million tonne,' he said, adding that 3,000 acres would be required for the project. He said the company has prepared a report for its plant which would come up between Silli and Chandil and was being vetted through MECON. Asked whether Sinosteel has tied up with a company for iron ore supply for its Jharkhand plant, Wang said, "We will try to get a captive mine and apply for the mining lease. We will, however, not wait for the captive mine. We will start construction as soon as we get the land.' On the cold forged rolls unit in West Bengal, he said 30 acres had been acquired, which would be set up at a cost of $ 25 million.