Question

How the Indian Iron and Steel Company (IISCO) formed and what are its main assets?

Answer 1

Hint: An asset is defined as a resource with economic value to an individual, corporation, or country. The original IISCO iron works was located at Hirapur and was eventually named the “Hirapur Works”.

Complete answer:
The amalgamation of Indian Iron and Steel Company (IISCO) was done on 11 March 1918. The original IISCO iron works was located at Hirapur and was eventually named the “Hirapur Works”. Much local construction activity took place in subsequent years. The Indian Iron and Steel Company (IISCO) set up another factory at Kulti. In 1937, another iron and steel producing unit at Burnpur (West Bengal) was constituted by Steel Corporation of Bengal in association with IISCO. All the three plants under IISCO are located very close to Damodar valley coalfields (Raniganj, Jharia, and Ramgarh).
Unfortunately, steel production from IISCO fell considerably in 1972-73 and the plants were taken over by the government.

Raw Materials
1.Iron Ore- Singhbhum and Mayurbhanj
2.Coal- Jharia and Damodar Valley Corporation
3.Manganese- Balaghat (MP)
4.Limestone and Dolomite- Sundargarh, Gangpur and Praghat in Orissa

An additional asset is the availability of cheap labour from the neighbouring areas and rail connections with Kolkata.

Hence, the correct answer is option ()

Note: The Indian Iron & Steel Company (IISCO) was integrated with Steel Authority of India Limited (SAIL), on 16th February 2006 and renamed IISCO Steel Plant (ISP).
It is situated at a distance of about 200 kms from Kolkata in Burnpur on the banks of the Damodar River in West Bengal.