Union Steel minister Ramvilas Paswan announced a Rs 8,017 crore (1.83 billion) modernisation package for Indian Iron and Steel Company (IISCO) here on Saturday.

Paswan said Rs 5,017 crore out of the Rs 8,017 crore package would be used for modernisation of IISCO, while the rest amount would be spend on modernisation of its collieries and iron ore mines in the next seven years.

The minister visited the IISCO here accompanied by SAIL Chairman V S Jain and Durgapur Steel Plant Managing Director S K Bhattacharya and held talks with senior IISCO officials and union leaders.