New Steel Minister RCP Singh reviews the performance of steel PSUs

New Delhi: Union Minister of Steel Ram Chandra Prasad Singh along with Minister of State for Steel Faggan Singh Khulaste reviewed the activities and performance of steel PSUs namely RINL & its subsidiaries – BSLC & OMDC, MSTC & its subsidiary FSNL, KIOCL and MOIL.

RINL CMD Deb Kalyan Mohanty made a presentation regarding its physical and financial performance, major ongoing projects, important initiatives, areas of concern and the way forward. The Minister enquired about the operationalisation of the Forged Wheel Plant and the likely date of supply of wheels to Railways. He noted the initiatives being taken by RINL to improve its performance. Further, Minister advised RINL to take all measures to control cost and improve productivity. The status of the OMDC mines was also reviewed. The Steel Minister was apprised of the production and financial performance of BSLC.

Further, MSTC CMD Surinder Kumar Gupta apprised the Steel Minister about its three business verticals of e-Commerce, Trading and Recycling. On its e-Commerce business vertical, MSTC CMD explained the dynamics of the business and the customised services provided to its principals citing some examples such as the sectors of forest and Agri products, commodities, natural resources and minerals. The presentation also covered the business activities of its subsidiary, FSNL, which is providing the crucial services of hot slag management and metal scrap recovery to the steel plants.

KIOCL CMD Swapan Kumar Gorai made a presentation regarding historical developments as well as the physical and financial performance of the company during the last five years. He also presented the status of the ongoing projects and future plans of the company to make it a diversified and sustainable company. The Steel Minister while appreciating the good performance of the company during the last five years, has directed KIOCL management to complete the ongoing projects at the earliest.

MOIL CMD MP Chaudhari also made a presentation about the developments of the company since its inception. He presented a complete overview giving details of available environmental clearance, present production levels and development plans of 11 mines under its operation in Maharashtra and Madhya Pradesh. Shri Singh observed that MOIL should concentrate on its core activities of mining and increase production from resources available in the country in various states.

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The Minister also observed that a large quantity of manganese ore is getting imported into the country to cater to the Ferro Alloy industry. MOIL, therefore, should explore the new deposits and venture into other states where manganese deposits are available to increase domestic production and reduce dependence on imports to realise the idea of Atmanirbhar Bharat.

Steel Minister directed the companies to adopt efficient business practices and remain competitive in the space in which they operate.

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