India’s NMDC Steel Limited (NSL) will achieve breakeven and post an operational profit by the end of the fiscal year 2024-25, company chairman and managing director Amitava Mukherjee said in a statement on Friday, September 27.
NSL demerged from state-owned iron ore miner NMDC in 2022 and was listed as a separate entity in 2023. The company operates a 3-million-mt per year steel plant in Nagarnar in Chhattisgarh state.
“In 2024-25, NSL is on the verge of breaking even and aims to consistently produce 210,000 tonnes of hot metal and 150,000 tonnes of HR coil monthly by the third quarter of the fiscal year,” Mr. Mukherjee said.
NSL’s greenfield steel mill began operations in August last year, producing one million mt of hot rolled coils within a year. The company recorded about 50 percent capacity utilization of its sintering facilities and blast furnace as of March this year, while utilization of its finished steel mill was nearly 40 percent.