NMDC Steel Limited (NSL), a government entity under the Ministry of Steel, held its 9th Annual General Meeting at NMDC’s headquarters in Hyderabad. The meeting, chaired by CMD (Additional Charge) Amitava Mukherjee, along with Directors Vishwanath Suresh and Vinay Kumar, focused on the company’s strong performance and milestones achieved in FY 2023-24.
In his address, Mukherjee highlighted NSL’s achievements, noting the production of its first Hot Metal on August 15, 2023, just three days after the “First Blow-In” of the Blast Furnace. By August 24, 2023, the company had rolled out its first Hot Rolled (HR) Coil. NSL reached 1 million tonnes of cumulative Hot Metal production within 226 days and has now surpassed key milestones, producing 1.5 million tonnes of Hot Metal by July 2024, 1 million tonnes of Liquid Steel by August 2024, and 1 million tonnes of HR Coil by the same month. Mukherjee emphasized NSL’s future focus on operational excellence and sustainability, while expressing gratitude for government support.
Steel Industry Landscape
During the AGM, it was noted that global steel production saw a modest rise of 0.4% in 2023, reaching 1.892 billion tonnes, with China’s output stabilizing and India’s increasing by 12% to 140 million tonnes. India’s National Steel Policy 2017 targets 255 million tonnes of crude steel production by 2030, driven by infrastructure projects like the Gati Shakti Master Plan.
Performance Highlights
In FY 2023-24, NSL produced 4.94 lakh tonnes of HR Coil in its first seven months of operation, with sales totaling 3.52 lakh tonnes and revenues of ₹3,049 crores. Despite a loss of ₹2,201 crores, NSL made notable strides in production, hitting record monthly outputs in August 2024, including 1.7 lakh tonnes of Hot Metal and 1.25 lakh tonnes of HR Coil.
Looking ahead, NSL aims to break even and achieve monthly production targets of 2.1 lakh tonnes of Hot Metal and 1.5 lakh tonnes of HR Coil by Q3 FY25, driving long-term growth and fulfilling its environmental and social responsibilities.
