Unfortunate that steel, iron-ore are imported: T V Narendran

JAMSHEDPUR: Pitching for proper utilisation of resources, Tata Steel MD (India and South East Asia) T V Narendran today said it is "unfortunate" that steel and iron ore are being imported by a country blessed with rich mineral reserves.

"It is really unfortunate that we are importing steel and iron-ore whereas we have abundance of the mineral in the country," Narendran said.

Talking to media-persons soon after he unfurled the tricolour on the occasion of 68th Independence day inside Tata Steel works here, Narendran said we could generate employment and play a role in the development of the country, if the mineral was utilised properly.

Narendran said steel plants are being established in the periphery of iron-ore mines because of advantages like access to raw material and lower transportation cost.

Earlier, delivering his speech, Narendran said the steel segment has recorded a stupendous growth in the last two/three decades.

Referring to the increasing demand for iron-ore, Narendran said a couple of decades ago, the cost of iron-ore per tonne stood at around USD 20. A decade later, the value of the mineral may not be worth as it is today, he added.

The top Tata Steel official claimed that the private steel major has been an example as industrial enterprise maintaining the right balance among its shareholders, employees as well as communities and upheld the democratic values while playing a role in the development of the country.