Union Minister of Steel Ram Chandra Prasad Singh, along with Faggan Singh Kulaste, MoS, reviewed the activities and performance of RINL & its subsidiaries BSLC & OMDC, MSTC & its subsidiary FSNL, KIOCL and MOIL.
CMD, RINL made a presentation regarding its physical and financial performance, major ongoing projects, important initiatives, areas of concern and the way forward. Steel Minister inquired about the operationalization of Forged Wheel Plant and likely date of supply of wheels to Railways. He noted the initiatives being taken by RINL to improve its performance. Further, he advised RINL to take all measures to control cost and improve productivity. The status of the OMDC mines was also reviewed. Steel Minister was apprised of the production and financial performance of BSLC.
CMD, MSTC apprised Steel Minister about its 3 business verticals of eCommerce, Trading and Recycling. On its eCommerce business vertical, CMD, MSTC explained the dynamics of the business and the customized services provided to its principals citing some examples such as the sectors of forest and agri products, commodities, natural resources and minerals. The presentation also covered the business activities of its subsidiary, FSNL, which is providing the crucial services of hot slag management and metal scrap recovery to the steel plants.
CMD, KIOCL made a presentation regarding historical developments as well as physical and financial performance of the company during the last five years. He also presented status of the ongoing projects and future plans of the company to make it a diversified and sustainable company. Steel Minister, while appreciating the good performance of the company during the last five years, has directed KIOCL management to complete the ongoing projects at the earliest.
CMD, MOIL made a presentation about developments of the company since its inception. He presented a complete overview giving details of available environmental clearance, present production levels and development plans of 11 mines under its operation in Maharashtra and Madhya Pradesh. Singh observed that MOIL should concentrate on its core activities of mining and increase production from resources available in the country in various states.
The Minister also observed that large quantity of manganese ore is getting imported into the country to cater to the Ferro Alloy industry. MOIL, therefore, should explore the new deposits and venture into other states where manganese deposits are available to increase domestic production and reduce dependence on imports to realise the idea of Atmanirbhar Bharat.
Steel Minister directed the companies to adopt efficient business practices and remain competitive in the space in which they operate.
