Both the blocks -- located at an aerial distance of 10-15 km apart -- are located at Hazaribagh district of Jharkhand.
Turnaround plan includes an Rs 8,000-cr investment in improving ops, pushing up annual shipments. Nippon Steel president Eiji Hashimoto said the two partners wanted to make the company the best in India. ArcelorMittal executives said the plant being port-based would give an advantage in transporting raw materials and finished products.
NMDC also posted a marginal rise in iron ore production to 18.89 million tonne between April -November 2019 as against a production of 18.75 mt upto November 2018. While NMDC's Chhattisgarh mines accounted for a production volume of 13.33 mt (against 12.24 mt last year), its Karnataka mines contributed 5.45 mt in April-November 2019.
The company's turnover was lower at Rs 6,573 crore in Q2FY20 against Rs 6,849 crore.
Low domestic demand leading to higher exports will further impact margins of steel players, the report said
US and Indian patent application on this technology are also under processing, the statement added. The grant of patent provides recognition of the quality of the innovation being carried at HZL.
The NMDC’s top brass is keen to utilise the time available to pursue a dialogue with the state government.
Incidentally, the 2000th station to get Wi-Fi was Rana Pratap Nagar, also under the North Western Railway, on August 3, 2019.
The company said it is on course to beat its target of generating Rs 100 crore as royalty income during 2019-20.
The company declared profit before tax (PBT) of Rs 103.93 crore in the quarter under review down 87.4% from Rs 827.84 crore in Q1FY19.
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