Boost output to check prices: Steel ministry to NMDC

NMDC being a navratna company will have to focus on keeping its prices in check and giving assured iron ore supply to all steel producers.

By: ENS Economic Bureau | New Delhi | Published: June 24, 2015 2:06 am

The steel ministry has asked iron ore mining firm NMDC Limited to increase its output to help keep the mineral’s prices in check and meet the production needs of all steel producers in the country.

Steel and mines minister Narendra Singh Tomar reminded the top brass of the state-run company at Hyderabad on Monday that mining as an industry has a negative perception, which needs to be corrected by sustained efforts. NMDC being a navratna company will have to focus on keeping its prices in check and giving assured iron ore supply to all steel producers.

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He pointed out that the company’s target to produce 75 million tonne (MT) per year is achievable only if the PSU has a strategic plan prepared with a long term vision. The PSU currently produces around 35 MT per year.

“As a responsible PSU mining company, it is the responsibility of NMDC to ensure that there is no imbalance on these counts. Mining as an industry has a negative perception in the minds of public, which needs to be corrected by sustained efforts. The company also needs to bring more parity in its physical and financial performance,” Tomar said while reviewing the PSU’s performance.

Ongoing projects like setting up the integrated greenfield steel plant at Nagarnar in Chhattisgarh, mechanising Kumarswamy iron ore mines in Karnataka and developing Deposit 11-b and setting up a pellet plant also in Chhattisgarh must be fast tracked, the minister said.

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