Bhushan Power & Steel: Iron Ore Sourcing Down 6% in Feb’19

Bhushan Power & Steel – a major integrated steel maker with a capacity of 3.5 MnT has recorded iron ore sourcing at 206,404 MT in Feb’19. The sourcing witnessed drop of 6% on monthly basis as against 220,137 MT a month ago.

In FY’19 (Apr-Feb’19) the company’s total sourcing witnessed at 3.08 MnT, with largest supplier being Rungta mines at 0.82 MnT.

Sourcing from Rungta mines dropped to nil in Feb’19

Essel mining supplies to Bhushan Power and Steel recorded highest for the month at 0.11 MnT, down 6% M-o-M as against 0.12 MnT a month ago.

Serajuddin mines supplies increased for the month to 0.05 MnT against being nil in last month. The miner has ramped up production after it resumed operations from its new pit and hit 1 MnT mark of production in Jan’19.

State owned miner- OMC mines recorded 51% fall at 0.02 MnT in Jan’19 as against being 0.04 MnT a month before.

Sourcing from Rungta mines dropped sharply to nil for the month, as against 0.06 MnT in Jan’19.

Bhushan Power and Steel’s iron ore sourcing: Feb’19 v/s Jan’19

Source: SteelMint Research
Quantity in MT
Provisional Data

Bhushan Power & Steel NCLAT Case Update

Bhushan Power and Steel is one of the companies undergoing bankruptcy proceedings.
JSW Steel has been declared as the winning bidder for Bhushan Power and Steel (BPSL). CoC has accepted the bid for acquisition of BPSL, and JSW steel has been issued the letter of Intent (LoI) for the acquisition of the mine. JSW Steel’s plan has been submitted to the National Company Law Tribunal (NCLT) for its approval with final decision expected to be out by 31st Mar’19.