NMDC’s production & sales of iron ore during October 2020 close to CPLY mark

• Due to Covid-19 NMDC has nearly missed the CPLY mark of production & sales of iron ore during October 2020

• Seeing the challenges, NMDC's performance is really commendable, said Sumit Deb, Chairman & Managing Director (CMD)

New Delhi: NMDC Limited, the country's largest iron ore producing Navratna PSU under the Ministry of Steel, has announced its performance for the month of October 2020. Due to COVID-19 related challenges and heavy monsoon, NMDC Limited's production & sales of iron ore during the month missed by a very close difference to reach October 2019 level. In an official statement issued on Wednesday, the miner said that during the month of October 2020 it has been able to match almost both in production and sales over CPLY.

According to NMDC, iron ore production for the month of October 2020 is 2.43 Million Tonnes (MT) against the production of 2.49 MT in October 2019. While Iron ore sales for the month of October 2020 is 2.52 MT against 2.61 MT in the month of October 2019.

For the period April 2020 to October 2020, Iron ore production is 14.66 MT against 15.95 MT in CPLY and sales is 15.43 MT against 17.14 MT in CPLY.

Appreciated the performance of NMDC, Chairman & Managing Director (CMD) Sumit Deb said "In-spite of the COVID-19 challenges and heavy monsoon, company's performance is really commendable and it is on the right path to meet the expectations of the steel industry.

ALSO READ: NMDC's iron ore sales goes up by 10% during September 2020

Backdrop

In September 2020, the company had registered 10% increase in the sales over the corresponding period of last year (CLPY). In an earlier statement, the company had said that its iron ore production for the month of September 2020 was 1.83 million tonnes (MT) with a growth of 11 percent against the production of 1.64 MT in September 2019. Iron ore sale for the month of September 2020 was 2.11 MT against 1.91 MT in the month of September 2019, which was 10.50 percent higher over CLPY. 

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Telegram. Join PSU Watch Channel in your Telegram and stay updated)