Tata Sponge to shut one klin for 70 days

Tata Sponge, an associate firm of Tata Steel, today said it will shut down one of its kilns having an annual rated capacity of 1.2 lakh tonnes for replacement of kiln shell.
"The Company proposes to take shut-down of one of the kilns...For a period of about 70 days tentatively with effect from May 11, 2015 for replacement of the kiln/cooler shell," it said in a regulatory filing.
The company, which is a leading producer of sponge iron, has an annual manufacturing capacity of 3,90,000 tonnes of sponge iron from its three kilns, according to its website.
Tata Sponge Iron had last month reported a drop of 79 per cent in its net profit on a consolidated basis at Rs 8.57 crore for the fourth quarter ended March 31 on account of lower sales.

The company had posted a net profit of Rs 40.50 crore during January-March quarter 2013-14.