NMDC registers 11% growth in iron ore sales

The company has incorporated a wholly-owned subsidiary by the name NMDC Steel Ltd for transferring its iron and steel plant to the new entity

Public sector iron ore company NMDC Limited achieved a growth of 11.56 per cent and 8.20 per cent in production and sales of iron ore respectively in the nine-month period ending December 2014.

The company produced 22.50 million tonnes of iron ore from Chhattisgarh and Karnataka mines during the period compared with 20.17 million tonnes in the same period previous year. Sales stood at 22.83 million tonnes as compared with 21.10 million tonnes in the corresponding period previous year.

NMDC rolled over its December, 2014, prices of Rs 4,200 per tonne for lumps and Rs 3,060 per tonne for fines to the month of January, 2015, according to a BSE filing.

The company also informed the BSE it had incorporated a wholly-owned subsidiary by the name NMDC Steel Ltd for the purpose of transferring its iron and steel plant  (NISP) to the new entity.

NMDC is executing a 3-million tonne steel plant at Nagarnar in Chhattisgarh at a estimated cost of Rs 15,525 crore. The company proposes to complete the project by October 2016, according to earlier reports.