Mumbai entered into an agreement with MSTC a Central PSU
under Ministry of Steel and its wholly owned subsidiary Ferro Scrap Nigam Ltd (FSNL)
recently to render services in the area of Disposal Yard Management. It is a
historic event in the Journey of MSTC and FSNL. These PSUs are rendering services
of scrap management, recovery, metal scrap auctioning for recycling throughout the
country. As informed by the company, FSNL will provide logistic and support
services for clot formation, classification and other support services while
MSTC – the parent company that specializes in e-auctions service will auction
the scrap to yield appropriate value for A-I in a fair and transparent manner.
This will enhance metal recycling within the country that consumes much less
energy and is environmentally friendlier than the iron ore process. This will
also reduce imports of shredded scrap which is at present hovering around 5-6
million tonnes per annum - indeed a step towards the e-Governance and Make in India
fulfilling the twin vowed objectives of our present Government.