Performance review of sponge iron India Ltd.
The performance of Sponge Iron India Limited (SIIL) during 2005-06 and the first quarter of the current fiscal was reviewed by the Minister for Steel, Dr. Akhilesh Das, here. The Hyderbad-based public sector company is proposed to be merged with the Steel Authority of India Limited (SAIL) by March 31, 2007 subject to clearance. Dr. Das asked the company’s management to endeavour for value additions by exploring more and more mining sites until it is incorporated in SAIL. He advised the company to go in for billet mining. The management pointed out its constraints as a result of which the company could record a net profit of only Rs. 3.18 crore in 2005-06 as compared to Rs. 20.33 crore in the previous year.
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SIIL has pioneered the development of coal-based sponge iron industry in the country. It has been providing consultancy service in setting up sponge iron plants in India and training manpower. Today many of the plants in the country are manned by a large number of ex-employees of SIIL. Also, they are providing consultancy services to various upcoming plants in the country. Currently SIIL is providing its expertise in sponge iron mining to Peru in South America.
(Release ID :20268)