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Wednesday, November 30, 2011
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India’s NMDC, Russia’s Severstal Sign Pact for Joint Steel Venture
India’s NMDC, Russia’s Severstal Sign Pact for Joint Steel Venture
TC Malhotra contributes to MetalMiner from New Delhi.
India’s state-owned miner NMDC Ltd. and Russian steel and mining giant Severstal have signed the implementation protocol in Moscow for setting up a joint venture steel plant in the southern Indian state of Karnataka, according to a recent article in the Hindu Business Line.
The implementation protocol between NMDC and Severstal takes another step following the memorandum of understanding (MoU) they had signed in December 2010 for establishing a steel plant with an initial capacity of 3 million metric tons in Karnataka.
The proposed steel plant may be commissioned by 2017. The 50/50 joint venture project will span about 2,800 acres of land at Bellary in the southern state. The plant is estimated to cost $4 billion and would be funded with a 70/30-debt equity ratio by the Indo-Russian partners.
According to a statement issued by NMDC, a high-level delegation from India including the Indian steel minister and other NMDC executives held discussions with Severstal in their Moscow office. Severstal and NMDC discussed progress in establishing their joint project in Karnataka.
NMDC is involved in the exploration of wide range of minerals including iron ore, copper, rock phosphate, limestone, dolomite, gypsum, bentonite, magnesite, diamond, tin, tungsten, graphite, and beach sands. NMDC is India’s single-largest iron ore producer and exporter, producing about 30 million tons of iron ore from three fully mechanized mines. India is planning to increase its steel capacity to almost 200 million tons by 2020, which would only put a dent into China’s production lead.
The protocol defines the initial target plant capacity to be 3 million tons of finished steel. It also confirms NMDC and Severstal’s intentions to fully meet the joint venture’s captive requirements of both iron ore and coking coal so that it becomes fully integrated for these primary raw materials.
Studies Find That Telecommuting Is Not For Everyone
Despite the flexibility that telecommuting can offer, new studies have found that working at home is not necessarily the best option for all employees.
A new report published in the Journal of Business and Psychology has found that telecommuting can be especially stressful for employees who feel torn between their responsibilities at home and at work. That's because people in such situations often feel that there is no time for relaxation.
"A teleworker may feel conflict more because you're being constantly reminded of your home role: whether it's what you need to do as a parent or household chores," explained Timothy Golden, an associate professor of management at the Lally School of Management and Technology at Rensselaer Polytechnic Institute, who was quoted by Life Inc. "And that can make exhaustion worse."
Golden's study was based on a survey of 316 employees from a large computer company that allows telecommuting and flextime. He found that employees who felt conflicts between work and family showed increasing levels of exhaustion as their hours rose when working at home.
As govt. reported, the study noted that those who work from home extensively rarely get a break from everyday stresses such as bills and laundry. As a result, wrote Golden, teleworking "is apt to be draining on energy levels."
Golden pointed out that working from home can be extremely beneficial for the right people. "You save time commuting," he told Life Inc. "You don't have to deal with the stress of being delayed on your way to work because of traffic or weather. You have the comfort of working where you want to. But you have to think ahead of time about what might impact you if you're working from home."
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