NINL seeks to get back into the black, eyes net profit 2019-20 onwards

PSU steel maker posts operating profit during April-August period, following successful blast furnace capital repair; Ebitda turns positive

Public sector steel maker Neelachal Ispat Nigam Ltd (NINL), jointly promoted by MMTC Ltd and two Odisha government-controlled entities, aims to slip out of the red and log net profit in 2019-20.

Following a successful blast furnace capital repair running into over four months, NINL clocked operating profit during April-August period of this fiscal. The steel maker turned Ebitda (earnings before interest, taxes, depreciation and amortisation) positive, recovering dramatically from its Ebitda negative status in FY18.

With growth in production, rolling out of steel billets (a value-added product), conversion of part of billets into TMT, wire rods and mining from its captive