Tata steel hikes prices by 1,000 per tonne

Tata Steel 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," Tata Steel Managing Director, H M Nerurkar said when asked about the price hike.

"The demand of long product was good", he said.

Referring to the Kalinganagar project in Odisha, Nerurkar said the 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.

The company will spend Rs 24,000 crore by 2014 while the total cost of the project was Rs 36,000 crore, he said.

The project will have the capacity of 3.5 million tonnes in the first phase, he added.