Steel companies fear spike in iron ore prices after SC order

According to industry sources, the compensation figure would be around Rs 25,000 crore

Steel companies are fearing a spike in iron ore prices in Odisha following a recent Supreme Court order in a case of rampant illegal mining.

In its judgment on August 2, the apex court directed recovery of 100 per cent cost of production of iron and manganese ore raised in Odisha beyond the limits approved under environment clearance, forestry approval, consent to operate awarded by the State Pollution Control Board, and mining plan approved by the Indian Bureau of Mines (IBM).

According to the court order, miners guilty of overproduction — captive as well as merchant lessees  — have to shell out