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India’s NMDC Steel expects output of 1 million mt from greenfield mill in FY 2023-24

Tuesday, 28 November 2023 12:13:50 (GMT+3)   |   Kolkata
       

India’s NMDC Steel Limited (NSL), which fired up the blast furnaces at its 3 million mt per year capacity greenfield steel mill in August this year, expects to achieve crude steel production of 1 million mt by the close of the current fiscal year on March 31, 2024, company sources said on Tuesday, November 28.

The steelmaking subsidiary of government-run iron ore miner NMDC Limited will be able to hit break-even at a production level of 2 million mt, the sources said.

They said that shortage of availability of limestone is a significant challenge to increasing production, but the company is confident of maintaining margins of at least 40 percent from its current steel production.

As production levels increase over the next fiscal year, operational costs will decrease and margins from earnings before interest, depreciation, and amortization will also improve, the sources said.


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