Tata Steel to finalise investment in Canada: Report

Tata Steel is reportedly all set to finalise investment in Canada. The company is a strategic partner and the biggest stakeholder in the Toronto Stock Exchange-listed New Millennium Iron Corp (NML), which is pursuing the project. However, NML did not disclose the size of the proposed investment. The project financials have been assessed with capital expenses, excluding certain infrastructure-related capital expenses in the mine, port and ferroduct (of over 600 km to carry the ore concentrate slurry to the pellet unit). The project could produce 17 million tonnes a year of two types of pellets and 6 million tonnes a year of pellet intermediates for export. Tata Steel, the flagship company of the Tata group is the first integrated steel plant in Asia and is now the world’s second most geographically diversified steel producer and a Fortune 500 Company.