NMDC produces record 7.18 million tonne iron ore in Q2 FY18

20 November 2017

State-owned miner NMDC on Thursday reported a record iron ore production of 7.18 million tonnes (MT) during the quarter ending September this year.

The production in July-September 2017 was 14 percent more compared to 6.31 million tonnes of iron ore produced by the company during the same quarter of 2016-17, NMDC said in a statement.

The country’s largest iron ore producer said it has achieved this record “in spite of volatile situation in global iron and steel market.”

The sales of iron ore during the said quarter were at 8.30 million tonne, 3.62 percent higher from 8.01 million during the three-month period a year ago.

“NMDC’s production of iron ore for the first half (financial) year 2017-18 is 15.67 million tonne registering a rise of 13 percent over CPLY (corresponding period last year) and sales of iron ore is 17.48 million tonne which is up by 11 percent over the CPLY,” it said.

Steel Minister Chaudhary Birender Singh has congratulated the PSU under his ministry for achieving the numbers.

“From overall net profit jump to increase in iron ore production output, these are some really positive numbers. Congratulations to @nmdclimited,” he said in a tweet.

State-owned iron ore miner NMDC has reported a 9.54 percent rise in net profit at Rs 844.30 crore for the quarter ended September 30, 2017.

The country’s largest iron ore miner had reported Rs 770.76 crore net profit in the July-September quarter of the last fiscal, it said in a BSE filing.

The minister had earlier said that steel PSUs are not holy cows and should step out of their comfort zone to perform and compete with private players.

The minister had also warned that the PSUs cannot afford to sit on their laurels in the changing scenario in the world, the minister had said.

Source: Moneycontrol