"The very purpose of setting up a Directorate for Steel is the manifestation of our intention to make best utilisation of our iron ore resources in terms of optimised use of resources, zero waste mining, value addition and strengthening of mineral economy," Steel and Mines Minister Prafulla Kumar Mallick said after inauguration of the directorate.
The minister also said the move will ensure employment generation in the state.
Stating that Odisha is endowed with vast resources of iron ore, he said hematite iron ore resources in the state is about 5,716 million tonnes, which makes up a lion's share of the country's total resources at about 27 per cent.
The minister, however, said although more than 30 steel plants are in various stages of commissioning in the state, a number of greenfield and brownfield projects are facing problems which need to be addressed via the new directorate.
Noting that there is stiff competition in steel sector all over the world, Mallick said the post-recession scenario warrants implementation of new policies and mechanism for survival and progress of indigenous industries.
"We have already brought out a new Mineral Exploration Policy to streamline the exploration sector. The Government of India has also published a National Mineral Exploration Policy during the last week of June. Prior to that it has carried out amendments in the MMDR Act, 1957 facilitating the auction mode of leasing out mineral deposits," the minister said.