Union Steel Minister reviews activities and performance of RINL & subsidiaries

Steel Minister inquired about the operationalization of the Forged Wheel Plant and the likely date of supply of wheels to Railways.

Union Minister of Steel Shri Ram Chandra Prasad Singh, along with Shri Faggan Singh Khulaste, MoS, today reviewed the activities and performance of RINL & its subsidiaries- BSLC & OMDC, MSTC & its subsidiary FSNL, KIOCL and MOIL.

CMD, RINL made a presentation regarding its physical and financial performance, major ongoing projects, important initiatives, areas of concern and the way forward. Steel Minister inquired about the operationalization 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, he 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.

CMD, MSTC apprised Steel Minister about its 3 business verticals of eCommerce, Trading and Recycling. On its eCommerce business vertical, CMD, MSTC explained the dynamics of the business and the customized 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.

CMD, KIOCL 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.

CMD, MOIL made a presentation about 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.

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.

Rashtriya Ispat Nigam Ltd (RINL) operates Visakhapatnam Steel Plant (VSP), India's first shore-based integrated steel plant. VSP is a 7.3 MTPA plant. The company has one subsidiary, viz. Eastern Investment Limited (EIL), which in turn is having two subsidiaries, viz. M/s Orissa Mineral Development Company Ltd (OMDC) and M/s Bisra Stone Lime Company Ltd (BSLC). OMDC is engaged in the mining and production of iron ore and manganese ore. BSLC operates Limestone and dolomite mines at Sudergarh, Odisha.

MSTC Limited, a Mini Ratna Category-I PSU, is engaged in providing e-commerce related services across diversified industry segments offering e-auction/e-sale, e-procurement services and development of customized software/solutions. FSNL, a Mini Ratna-II Category, is a wholly-owned subsidiary of MSTC Limited which has become one of the leading institutions in the steel mill service sector.

MOIL is a Schedule “A” Miniratna Category-I Company. At present, MOIL operates 11 mines, seven located in the Nagpur and Bhandara districts of Maharashtra and four in the Balaghat district of Madhya Pradesh. MOIL produces and sells different grades of Manganese Ore.

KIOCL Limited (formerly known as Kudremukh Iron Ore Company Limited), has over four decades of experience in operating Iron Ore Mining, Beneficiation and Iron–Oxide Pelletisation in the Country. KIOCL is having the facilities to operate a 3.5 MTPA Iron-oxide Pellet Plant, Blast Furnace Unit to manufacture 2.16 lakh tonnes per annum Pig iron at Mangaluru, Karnataka.

(With Inputs from PIB)