“We are also trying to convert the old cryogenic tankers used for transporting nitrogen into tankers for transporting oxygen,” Oommen added.

The project is expected to be built in three years and become operational in 2024.

“This will remove a major bottleneck in transportation of LMO to states. As on date, 1172 tankers are available for LMO, with the capacity 15900 MT,” the statement said.

The sale of construction steel hit 855,000 tonnes, a year-on-year surge of 17 percent. Exports of the item topped 147,000 tonnes, up 10 percent.

Hung Nghiep Formosa Ha Tinh took the second spot with output of 1.62 million tonnes, 20 percent lower than Hoa Phat.

Last week, a Tata Steel spokesperson had said the company was supplying 300 tonne of LMO daily to various states.

China Baowu and China Zhongwang are the world's largest iron and Steel Group and the world's second largest industrial aluminum extrusion enterprise respectively. The high-level meeting between them is enough to arouse market expectations.

The U.S. imported a total of 2,292,000 net tons (NT) of steel in March 2021.