NMDC signs MoU with Russian steel giant OJS Severstal

• National Mineral Development Corporation NMDC, signed a Memorandum of Understanding with a Russian steel giant OJS Severstal In New Delhi today to set up an integrated steel plant in Karnataka.
• Speaking on the occasion, the Union Steel Minister Mr Veer Bhadra Singh said that the joint venture will further strengthen the bonds of friendship between India and Russia.
• The signing of MOU coincides with the 10th anniversary of the Indo-Russian strategic partnership and assumes significance in view of Russian President Dmitry Medvedev's visit to India later this month. 
• The joint venture will also ensure supply of raw material to the proposed steel plant from its captive coking-coal and iron ore subsidiaries in Russia and India. The plant will have an initial capacity of 2 million tonnes, expandable upto 5 million tonnes per annum.