NMDC Steel to break even this year, says CMD
NMDC Steel is set to break-even in the current financial year, chairman and managing director Amitava Mukherjee told shareholders on Tuesday.
The steel maker was demerged from state-owned miner NMDC in 2022, while its shares listed independently in 2023. The company operates a 3 million tonne steel plant in Nagarnar, Chhattisgarh.
“For the year ahead, NSL is on the verge of breaking even and aims to consistently produce 2.1 lakh tonnes of Hot Metal and 1.5 lakh tonnes of HR Coil monthly by Q3 FY25,” Mukherjee said.
The company started operations in August last year, and produced a million tonne of hot-rolled coils within a year of its production. While it had a topline of Rs 3,049 crore in the previous fiscal, a capital expenditure of Rs 1,226 crore taken during the year and consequently the company clocked in a loss of Rs 2,201 crore.
The plant was built at a cost of approximately Rs 24,000 crore.
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