Bhushan Steel- Iron Ore & Pellet Sourcing Up 27% in May’18

Bhushan Steel – a major integrated steel maker with a capacity of 5.6 MnT has recorded iron ore & pellet sourcing at 0.50 MnT in May’18. The sourcing witnessed increase of 27% as against sourcing in Apr’18 at 0.40 MnT.

Bhushan Steel’s Iron Ore Procurement up 32% in May’18 –

Bhushan Steel iron ore procurement in May’18 witnessed at 0.49 MnT, increase of 32% M-o-M as against 0.37 MnT in Apr’18. OMC stood the largest supplier at 0.18 MnT, contributing 37% of total sourcing by the company (up 41% M-o-M). Serajuddin remained the second largest supplier at 0.14 MnT (up 87% M-o-M) followed by Indrani Patnaik at 0.08 MnT (up 67% on monthly basis).

A.M.T.C and Rungta Mines recorded significant decline in May’18 supplies at 0.04 MnT(down 44% M-o-M) and 0.01 MnT (down 83% ) respectively.

Bhushan Steel’s pellet procurement from JSPL reduced in May’18:

JSPL (Jindal Steel and Power) continued to supply pellets to Bhushan Steel. Its pellet sourcing declined to 4 rakes in May’18 against 6 rakes in Apr’18.

Bhushan Steel’s iron ore & pellet sourcing: May’18 vs. Apr’18

Source: SteelMint Research
Quantity in MT
Provisional Data

Bhushan Steel was one of the companies underwent Bankruptcy proceedings. Tata had out bid JSW Steel to emerge as the winner in the auction of Bhushan Steel. On March 22, it was declared as the successful resolution applicant by lenders of Bhushan Steel.

The four bidders in the race for Bhushan Steel were Tata Steel, Arcelor Mittal, Vedanta and a consortium comprising of Japanese steel major JFE, JSW Steel and Bain-Piramal.

In May’18, NCLT (National Company Law Tribunal) finally gave its approval to Tata Steel’s resolution plan of acquiring debt-ridden Bhushan Steel under the Insolvency and Bankruptcy Code (IBC).