Bhilai Steel reports 13% growth in production

Bhilai Steel reports 13% growth in production

According to recent news in the market, Indian steel producer Bhilai Steel Plant (BSP) of Steel Authority of India Ltd (SAIL) has reported a record saleable steel production of 4.8 million tons in 2003-2004 fiscal, which indicates an increase of 13% when compared with previous fiscal. The figure is achieved despite the coking coal crisis. As previously reported by SteelOrbis, BSP had to cut down production by 30% in March due to coal shortage. BSP produced 4.93 million tons of hot metal up by 11.8%, 4.7 million tons of crude steel up by 12% in the aforementioned fiscal. Captive mines of BSP produced 8.13 million tons, up by 27% against previous fiscal. Meanwhile, although not officially announced, BSP is expected to report a net profit of Rupees 21 billion (481 million$). The company reported its net profit as Rupees 7.35 billion ($168 million) in the previous fiscal. Moreover, BSP is planning to increase hot metal output to 7 million tons, to reduce production of current 30% of semis to the levels of 2-3% and to increase capacity of plate mill. Moreover, another bar and wire rod mill is also planned to be established. According to a company official, all these expansion projects will cost around Rupees 80 billion ($1.8 billion).