India’s largest and State owned iron ore miner NMDC and Russian steel producer Severstal signed the ‘Implementation Protocol’ in Moscow for setting up a joint venture steel plant in Karnataka state, SW India.

The initial plant capacity is to be 3Mt/y of 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 would take up the responsibilities to supply iron ore and coking coal to the joint venture from their existing assets or alternative sources.