Tata Steel expects product prices to rise

Tata Steel Ltd managing director B Muthuraman said, he expected domestic steel prices "to rise a bit" soon, in line with the global trend.

He expects the first phase of the company's new steel plant in Jharkhand to be completed in four years.

"I see steel prices rising a bit in the near term as global prices have been moving up," said Muthuraman.

However, he declined to comment when asked whether the company would revise steel prices from September 1. "You will have to wait," he said.

The company's board has approved the construction of a 10-million-tonne steel plant in Jharkhand-the second one in the eastern state.

The new plant is expected to cost around Rs 45000-50000 crore. Muthuraman said, the site survey for the new plant would begin soon.

Tata Steel is India's largest private steel producer with a capacity of 5 million tonne.

Muthuraman asserted the need to devlop infrastructure and said, as the steel sector was expanding in Orissa, there was a need to establish a steel university in the state to fulfil the needs arising in that area.

He said, as both export and imports were going to witness tremendous growth, there should be at least eight to ten ports in the state to take care of the heavy goods traffic.

Even Baijayanta Panda, the member of parliament from Orissa, stressed the need for infrastructure development in the state.