Bhushan Steel: Iron Ore & Pellet Sourcing Picks Up Sharply in May'19
Bhushan Steel - a major integrated steel maker with a capacity of 5.6 MnT has recorded iron ore & pellet sourcing at 0.50 MnT in May'19. The sourcing increased 55% as against 0.32 MnT in Apr'19.
Tata Steel BSL, formerly Bhushan Steel 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).
Bhushan steel total iron ore sourcing for the month stood at 0.48 MnT, up sharply against 0.29 MnT in Apr'19.
Tata Steel stood the largest supplier of iron ore at 0.14 MnT, up almost three folds as against 0.05 MnT a month ago.
State owned miner- OMC stood the second largest supplier at 0.12 MnT of iron to the steel maker, up 10% as compared to 0.11 MnT in Apr'19.
Bhushan Steel iron ore procurement from Serajuddin increased to almost twice at 0.11 MnT in May'19 as against 0.06 MnT in Apr'19.
Indrani Patnaik supplies recorded at 0.07 MnT, in line with last month supplies.
Tata Steel BSL crude steel production crossed 4 MnT in FY19
Bhushan 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 a 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.
Bhushan Steel pellet sourcing dropped 38% in May'19
The total pellet sourcing by the miner witnessed at 19,250 MT, down 38% as against 30,800 MT a month ago. The miner recorded nil sourcing of pellets for four consecutive months since Dec'18 and resumed since Apr'19.
source: SteelMint
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