Steel complex signs MoU with SAIL

Kozhikiode, May 3 (UNI) The Kerala Public Sector Undertaking Steel Complex today signed a Memorandum of Understanding with the Steel Authority of India Limited (SAIL) for setting up a joint venture here.

The Memorandum of Understanding(MoU) was signed between Kerala Industries Secretary P H Kurian and SAIL Director (Personal) G Ojah in the presence of Union Steel Minister Ram Vilas Paswan and Kerala Chief Minister V S Achuthanandan.

Later, Mr Paswan laid the foundation stone for a steel rolling mill at the Steel Complex.

After signing, Mr Paswan said the Government, if necessary, would bring down the price of steel.

Pointing out that country produced 60 million tonnes of steal as of today, he said it would increase to 124 million tonnes by 2012.

Mr Achutanandan said all the State Public Sector Undertakings(PSUs) would be made profitable in the coming three years. As part of making the PSUs profitable, the Government would join hands with Centre PSUs and other departments, he added.

Two years ago, only 12 State PSUs were making profit, but the number has increased to 27 now, he added.

State Industries Minister Elamaram Kareem and SAIL Chairman S K Roongtha, were among others, present on the occasion.

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