Steel Minister Reviews the Performance of NMDC
The Union Steel Minister Shri Beni Prasad Verma has reviewed the performance of NMDC Ltd., a Navratna PSU under Ministry of Steel for the first quarter (April-June), 2011-12 here today. The CMD of NMDC Shri Rana Som briefed the Minister about the performance of the company during the first quarter of 2011-12 and highlighted its achievements against the MoU targets for the year quarter.
The Minister expressed satisfaction over the performance of the company in the first quarter of the financial year 2011-12. He was informed that the Company has embarked upon expansion and diversification plans in India and abroad. However, the Minister stressed that the upcoming projects of NMDC in India and abroad specially its 3 MTPA Integrated Steel Plant at Nagarnar, Chhattisgarh, its 1.2 MTPA Pellet Plant in Donimalali, development of Deposit – 11B Mine in Bailadila Sector, Chhattisgarh and Kumaraswamy Mine in Karnataka needs to be completed as per schedule.
The Minister also appreciated the R&D efforts of the Company for converting the low grade iron ores such as BHJ and BHQ into value added products.
The Company has been consistently showing excellent results. During the year 2010-11, the production of iron ore was 25.16 million tonnes as compared to 23.80 million tonnes during previous year showing a growth of about 6%. Sales Turnover of the company during 2010-11 was Rs. 11367.42 crores against Rs. 6229.54 crores during the previous year, registering an increase of about 82%. The company earned profit before tax of Rs. 9727.17 crores during 2010-11 as compared to Rs. 5207.32 crores during previous year and profit after tax during 2010-11 was Rs. 6499.22 crores as compared to Rs. 3447.26 crores during previous year.
The performance has further improved during the first quarter of 2011-12. During the period April – June, 2011, the production of iron ore was 6.07 million tonnes as compared to 5.76 million tonnes in the corresponding period of previous year showing a growth of 5%. The turnover during first quarter of 2011-12 was Rs. 2782.61 crores in comparison to Rs. 2517.99 crores during the first quarter of 2010-11. The profit before tax during Q1 of 2011-12 was Rs. 2662.69 crores in comparison to Rs. 2249.22 crores of the first quarter of 2010-11.
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