Mideast Integrated Steels Ltd Share Price Steel
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Mideast Integrated Steels (MISL) has set up a project to manufacture 4.64 lac tpa of pig iron. This is the first Indo-Chinese joint venture in the steel sector, in financial-cum-technical collaboration with China Iron & Steel Industry & Trade Group Corporation (CSGC). It is also the first 100% EOU to manufacture foundry-grade pig iron. Moreover, the capacity (4.64 lac tpa) is the largest in the private sector. The project was financed by a public issue in Sep.'94. The technology is being supplied by CSGC, a state-owned foreign trade corporation of China which has supplied know-how to, and has a substantial financial stake in, most steel plants in China. MISL has paid US $ 25,23,000 to CSGC as fees for technological know-how and consultancy services. The Chinese technology has some advantages over that from the West. It has scope for injecting oxygen, ensuring higher start-up temperature and hence, lower tap time. It also has a provision for coal injection, thereby cutting coke costs to some extent. During the year 1996-97, the capacity was increased to 7,00,000 TPA and cost of the project was revised to Rs 457 crores. The project is in the last phase of implementation and having regard to the current progress of the project it can be confidently confirmed that Blast Furnaces will commerce production by June, 1998.