Neelachal Ispat Nigam Limited (NINL) established new production benchmark by registering highest Hot Metal, Pig Iron and Sinter production in the last six months. After the category-II capital Repair, the Blast Furnace started in the month of May, 2018. Subsequently, the integrated steel plant posted 3.83 lakh ton Hot Metal, 3.44 lakh ton Pig Iron and 5.87 lakh ton Sinter during the May to October period in the present financial year which is highest ever since inception during this period. The Kalinga Nagar based company achieved this feat instead of the planned shutdown of its Blast Furnace during this period.
NINL’s considerable production growth is attributed to the capital repair of its blast furnace completed in April this year after which the company reached its rated production in 12 days, establishing an international benchmark. Since then, NINL recorded daily, weekly, monthly, quarterly and half yearly production records.
The company has plans to resume billet production in December and will convert sizeable amount of billets into TMT Bars and Wire Rods. NINL expect to start operation of its captive mines towards the end of the present fiscal.
MMTC controlled Neelachal Ispat Nigam Ltd (NINL) has shown signs of recovery in this fiscal by posting profits on its Ebitda (earnings before interest, taxes, depreciation & amortisation) or operating income. After turning EBIDTA positive, NINL has gained a toehold in the path of turnaround and expects to turn in net profit after commencing operations from its captive iron ore mines at Koira. The steel PSU has already initiated the process to select Mine Developer cum Operator (MDO) for the captive mines. Mining operations are set to begin by the end of this fiscal.
MMTC has the biggest equity in NINL with a holding of 49.9 per cent. Two Odisha government owned entities- Odisha Mining Corporation (OMC) and Industrial Promotion & Investment Corporation of Odisha Ltd (Ipicol) own a combined stake of 26 per cent. Central public sector enterprises- NMDC Ltd, BHEL Ltd and Mecon have minority equity participation in NINL.
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