NMDC Nagarnar steel plant likely to start by year end [IMG]Image...

NMDC Nagarnar steel plant likely to start by year end
Image Source: NDTVExpress News Service reported that with its plan to commission Nagarnar Steel Plant in Chhattisgarh by the year end, the National Mineral Development Corporation is primed to transform from a public sector mining company to a steel manufacturer. Already, INR 13,525 crore has been invested on the 3 Million Tonne per Annum capacity steel plant, out of the planned investment of INR 15,525 crore. With the Indian market anticipating stress on iron ore prices, thereby putting pressure on iron ore miners, NMDC is making efforts to commission the steel plant at the earliest, as diversification and value addition from the plant will help the Navratna PSU to stay competitive and profitable.

Mr N Baijendra Kumar CMD of NMDC, speaking to TNIE said that “Standalone merchant mining is not as lucrative as it used to be, as steel producers are opting for captive mines as part of their backward integration strategy. Therefore, to stay relevant and add value, we are coming up with NMDC Iron & Steel Plant at Nagarnar. Besides ensuring value addition. it will boost our turnover hugely. While we have a turnover of about INR 11,000 crore now, Nagarnar plant alone, at the existing steel prices and functioning at 60 per cent of its capacity, will add about INR 9,000 crore per annum. So, our main focus is to commission this greenfield facility by the end of this calendar year. Most of the work has already been completed and it will start functioning by utilising 60 per cent of its capacity in the first year itself.”
Source : EXPRESS NEWS