India's MSTC Limited, a public sector undertaking under the Ministry of Steel which has been designated as the canalizing agency of the government for imports of steel melting scrap for distribution to mini-steel plants, has signed a memorandum of understanding (MoU) with the government aiming at achieving a turnover of INR 91 billion ($2.01 billion) during the fiscal year 2010-11.
Under the MoU, the gross margin of MSTC has been set at INR 1.25 billion ($27.58 million) for FY 2010-11.
In the 2008-09 Indian fiscal year, MSTC posted a gross total income of INR 70.83 billion and a net profit after tax of INR 8.51 billion, with an increase of 36.27 percent and a drop of 7.75 percent respectively compared to the previous year. However, the financial results for 2009-10 are yet to be announced.