Millennium Post

Govt committed to accelerate steel industry growth: Verma

‘A roadmap for achieving the target of 300 MT of steel production is under preparation. Public as well as private sector steel plants need to be involved to take necessary steps for achieving the target,’ Verma said, chairing a meeting of the Parliamentary Consultative Committee attached to the Steel Ministry, in Alleppey in Kerala. The crude capacity for steel production is 96 MT per annum at present.

Verma said higher capacity will result in increased employment both in public and private sectors, according to an official statement.

He also reviewed the performance of MOIL and MSTC, the two PSUs under the ministry.

He expressed satisfaction that MOIL taking effective measures to meet the domestic demand of manganese ore by implementation of various mining projects such as deepening of existing vertical shafts and sinking of new shafts. MSTC has proposed a plant in India for shredding the used cars, scooters and other miscellaneous goods to add value to recycled scrap.

Last fiscal, MOIL had earned profit after tax (PAT) of Rs 431.72 crore, higher by 5.10 per cent as compared to previous year. Similarly, MSTC earned PAT of Rs 130.73 crore which was 10.4 per cent higher than the previous year.
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