HEC expects supply order from South Korean steel plant in Orissa

Ranchi, July 3 (UNI) Already hit by financial crunch, the Heavy Engineering Corporation Ltd today claimed improvement in the position, saying it was catering to major orders besides expecting assignment from South Korean Steel major POSCO for its mega steel plant in Orissa.

HEC Chairman-cum-Managing Director S Biswas said the company's financial position had improved considerably adding that at present it had a work order to the tune of Rs 500 crore.

Asked about its new market policy, Mr Biswas told UNI here that the company was considering joint ventures with leading companies from same field from Germany and Czech to manufacture new machines.

He said besides regular orders, the company was expecting to get order to supply material for Tenughat Vidyut Nigam Ltd in Jharkhand.

He said world's fifth largest steel manufacturer from South Korea M/S POSCO, with its ambitious plan of producing steel at 12 mt per year through the establishment of an integrated steel works in Orissa on July one visited the state capital.

The South Korean team, which went round the various production facilities in foundry forge plant and heavy machine building plant of the corporation, was headed by senior General Manager Yoo Yang Ho.

The senior officials of the HEC, headed by Chairman- cum-Managing Director S Biswas, had a detailed discussion with the visiting delegation.

Highly impressed with the infrastructure and the capabilities that the HEC had to offer, the South Korean steel major wanted the corporation with its technical knowledge bank to consider steel plant equipment manufacturer of higher capacities.

These are mainly related to higher capacity cranes, converters, rolls and other steel plant equipment and spares.

Asked about the huge outstanding dues to be paid by the state government, he said the matter was lying in the High Court and next hearing on the case would be held on July 13.

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