Following a success blast furnace the repair of fixed assets spread over four months, NINL operating income recorded during the April-August period of that year. The steelmaker made Ebitda (earnings before interest, taxes, depreciation and amortization) positive, recovering dramatically from its negative Ebitda status in FY18.
With production growth, rolling steel billets (a value-added product), converting some of these billets into TMT, wire rod and extraction from its captive iron ore asset , the company aims to generate a net profit in the next fiscal year. NINL, the country's largest exporter of cast iron and exporter, has a production of 1.1 million tons mill in Duburi, inside the Kalinganagar industrial complex, presented as the center of Odisha steel.
With the restoration of his blast furnace, NINL records record production of 0.53 million tonnes of hot metal in Q3. At 0.36 mt, its six-month hot metal production has surpassed previous highs. In December alone, NINL produced 85090 tonnes of molten metal, its highest monthly production ever recorded.
S S Mohanty, Vice President and General Manager of NINL, said: "Production growth is particularly important for the recovery of the company. The next goal is the production of value-added billets, converting some of the billets into TMT, wire rod and captive mining early in the next fiscal year, which will strengthen the company's bottom line. "
NINL said that in the 2018 calendar, it had gone through two stages: the successful completion of blast furnace Repair and start of billet production by restarting the steel smelting workshop (SMS). He listed captive iron ore mining should begin next year, as the third step of the company.
MMTC is the largest shareholder of NINL with a 49.9% stake. The Odisha Government owns the steel PSU through two of its companies: Odisha Mining Corporation (MOC) and Industrial promotion and investment company from Odisha Ltd (Ipicol).