Tata Steel BSL Ltd: Iron Ore & Pellet Sourcing Down 7% in FY19
Tata Steel BSL crude steel production crosses 4 MnT mark in FY19
Bhushan Steel - a major integrated steel maker with a capacity of 5.6 MnT has recorded iron ore sourcing at 4.95 MnT in FY'19. The sourcing dropped 7% as against 5.31 MnT in FY'18.
Tata Steel BSL, formerly Bhushan Steel was under underwent Bankruptcy proceedings. In May'18, NCLT (National Company Law Tribunal) finally gave its approval to Tata Steel's resolution plan of acquiring debt-ridden Bhushan Steel under the Insolvency and Bankruptcy Code (IBC).
State owned miner- OMC stood the largest supplier at 1.49 MnT of iron to the steel maker up 16% as compared to 1.28 MnT in FY’18.
Serajuddin supplies to Bhushan Steel dropped 20% to 1.05 MnT in FY19 as against 1.32 MnT in FY18.
Tata Steel supplies of iron ore to Bhushan Steel recorded at 0.62 MnT as against nil in FY18. This is because Tata Steel acquired Bhushan Steel in FY19 and increased supplies from its mines.
Sourcing from RP Sao increased for the year to 0.19 MnT as against being nil in FY18. The miner resumed operations after about 2.5 years as it was last seeing offering material in the merchant market towards the end of 2015. The iron ore mine has EC limit of around 5.7 MnT p.a. and is situated in Guali, Joda.
Tata Steel BSL crude steel production crossed 4 MnT
Bhushan Steel crude steel production for the fiscal crossed 4 MnT, an increase of about 9.4% Y-o-Y. The output for the last quarter of the year (Q4 FY19) increased to 1.02 MnT against 0.99 MnT in Q4 FY18. The company witnessed rise of 6.5% in sales for FY19 to 4.05 MnT against 3.8 MnT in last fiscal. The sales for Q4 FY19 witnessed at 1.14 MnT, an increase of 25% compared to Q3 FY18.
Tata Steel BSL is focusing on ramp up to full capacity with an estimated time of around 24 months. Company is planning to expand Bhushan steel capacity from 5.6 MnT to 8.3 MnT. They are also planning to enhance production at its captive iron ore mines around Jamshedpur and Kalinganagar.
source: SteelMint
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