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Vizag Steel Plant reports record profits for the second consecutive year
Visakhapatnam, June 21, 2004

The Vizag Steel Plant reported a record net profit of Rs 1,547 crores and a cash profit at Rs 2,023 crores ending March 31, 2004. Vizag Steel Plant has been running loss for quiet some time now before its dynamic Chairman BK Panda took over. This is the second consecutive year since the plant started running in positive numbers. The Chairman attributes the growing figures to the favorable changes in the International steel market.

The Chairman said that the Steel Plant will be going for an expansion from its current capacity of 3 million tonnes to 5 million tonnes by 2007. Vizag Steel is aiming for a total of 10 million tonnes capacity by 2018. The cost of this expansion drive will cost the company Rs. 3000 millions with Rs. 2400 millions being met on its own while the remaining Rs. 600 millions required for building the Oxygen plant will be met on the basis of built-operate-transfer (BOT) basis.

BK Panda said, "We will go for the latest technology for the development of steel in the expanded projects. A strategic management group has been put in place for knowledge and technological managements through right decisions"

'We import 90 per cent of our coal requirements and balance 3.5 lakh tonnes from government. Also, for the phased expansion of capacity we are depending for one billion standarard cubic metric of gas in a year from ONGC and Gujarat Petrochemicals,' he added.

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