GENERAL4 Oct 2026
Steel Ministry asks SAIL, NMDC to explore overseas mineral assets
The Steel Ministry has asked Steel Authority of India Ltd (SAIL) and NMDC, both government-run firms, to look for mineral assets overseas. This affects steel makers who depend on imported coking coal. India has plenty of iron ore, but imports 85–90 per cent of its coking coal. Buying mines abroad could steady supply and costs. Watch for updates and review your input-cost plans.
Key Statutory Highlights
- The Steel Ministry has asked its undertakings SAIL and NMDC to explore mineral assets abroad to secure long-term raw material requirements and support input costs.
- Indian steel makers, including SAIL, import 85-90 per cent of their coking coal from countries such as Australia and Mozambique.
- NMDC Chairman Amitava Mukherjee has said his goal is to earn at least 20 per cent of revenues from the sale of minerals other than iron ore by 2030.
Actionable Advice for Taxpayers / Founders:If your business buys steel or imported raw materials, follow these overseas sourcing announcements and discuss your input-cost contracts and pricing terms with your CA before you commit to long-term supply agreements.
Statutory Disclaimer: TaxQue Shorts are AI-assisted editorial briefs for compliance awareness. This brief has not passed every source check; confirm the original notification before acting. This does not constitute formal legal or CA counsel.
TaxQue News Desk
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