Visa Steel

Visa Steel said it has gone for temporary suspension of all its operating units at Kalinganagar as raw material supplies have been abruptly halted to its plant. In a notice to its employees and workers engaged in its blast furnace, sponge iron, Steel Melting Shop (SMS), rolling mill and ferro chrome units, the company said it has placed the units under suspension effective from 6 am on August 21 till further order.The steel company in a letter to the district labour officer, Jajpur said it was constrained to suspend the industrial activities due to non-availability of necessary raw materials- iron ore and chrome ore. Visa Steel procures the two ores from state run Odisha Mining Corporation (OMC)."It is a deep regret to inform that the lifting and transportation of iron ore from OMC office stationed at Daitari mines to Visa Steel plant site has been stopped abruptly without any prior information in any manner. Though the transportation has been going on uninterruptedly through OMC ...

The pollution board had slapped a closure direction last month for failing to comply with the pollution norms

Company allegedly violated air and water pollution norms

The shutdown was due to scarcity of raw material availability at viable prices, depressed steel market and shortage of working capital

Stock touched upper circuit and closed at Rs 16.38 on BSE on a day Sensex closed in red

The firm will hold a postal ballot soon to seek shareholders' approval for the proposal and the results are expected next month