Being of lower grade than that produced in other parts of the country, the iron ore produced in Goa is almost entirely exported. VMSB has a long history of export of iron ore commencing with a shipment to Japan in 1952 when Goa was still under Portuguese rule. The company exported its first consignment of 16,500 tons of iron ore to Fuji Steel (later merged into Nippon Steel Corporation) through Itochu Corporation. Sales to POSCO, South Korea commenced in 1972. It is especially noteworthy that VMSB’s ore was the first seaborne ore that entered the blast furnace of POSCO. The company has been a competitive and reliable supplier of processed iron ore to NSC and POSCO, among the world’s largest steelmakers. While sales to China commenced in the early 1990s after the India-China trade in iron ore opened up, it picked up substantially from 2003 onwards with the commodity boom in China. Presently sales to China comprise the bulk of the exports of iron ore.

We export under two export licenses, M/s. V. M. Salgaocar & Bro. Pvt. Ltd. and V. M. Salgaocar Sales International. The Group achieved a record export of 5.9 million tons of iron ore during the financial year 2010-11.