NMDC’s iron ore production goes up by 13% and sales by 18% in Nov 2020

• NMDC Limited has registered a 13% increase in iron ore production in the Month of November

• Iron ore sales for the month of November 2020 improved to 3.30 MT has registered a growth of 18 percent

Hyderabad: NMDC Limited, the country's largest Iron Ore producing Navratna company under the Ministry of Steel, continued to better the operational performance during November in production and sales over the corresponding period of the previous year (CPLY). In an official statement, the Navratna PSU said that iron ore production for the month of November this year is 3.32 MT (Million Tonnes) has registered a growth of 13 percent, despite restrictions and unfavourable weather conditions against the production of 2.94 MT in November 2019.

Iron ore sales for the month of November 2020 improved to 3.30 MT has registered a growth of 18 percent against the 2.79 MT in sales that NMDC achieved in the corresponding month of November 2019. Production and sales are on an uptick and showing healthy growth each month. This is gradually catching up to the level of 2019's production and sales.

ALSO READ: NMDC's production & sales of iron ore during October 2020 close to CPLY mark

NMDC Limited is continually maintaining strong performance indicators for the last few months and is expected to reach last year's production levels in the next few months. The company is determined to continue this growth streak. The production is also being continuously scaled up to compensate for the earlier loss. The industry has started responding to the positive sentiments of the economy and demand is expected to go up in the next financial year. NMDC is confident to cater to the needs of both national and international customers.

NMDC Limited's Chairman & Managing Director (CMD) Sumit Deb expressed satisfaction with the performance of the company and said, "The company's monthly performance has transcended November 2019's production and sales and we will soon catch up with the cumulative figure of the previous year. I am hopeful that the performance will improve further on the back of better demand and gradual improvement in ground conditions. I would like to congratulate team NMDC for this outstanding performance; it is their hard work and determination that is paying off."

(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)