Tata Steel hikes prices of long prducts by Rs 1,000 per tonne

Tata Steel, the Tata Group company named by Fortune magazine as the most admired company, has increased prices of its long products by about Rs 1,000 per metric tonne.

"Yes, we have increased the price of our long product by around Rs 1,000 per tonne from March 1," Managing Director, H M Nerurkar said when asked about the price hike. "The demand of long product was good."

Sharing details about the Kalinganagar project in Odisha, Nerurkar said work is going on and the progress was far better than expectations.

"We are targeting to commission it between January and March 2014 and working towards it", he said.

Tata Steel will spend Rs 24,000 crore by 2014 while the total cost of the project was Rs 36,000 crore. The project will be have the capacity of 3.5 million tonnes in the first phase, Nerukar added.

- with PTI inputs