Neelachal Ispat Nigam Limited (NINL) in Odisha has started production of its own brand of TMT bars, with plans to expand the volume of value- added products.
This will be a significant step in the turnaround of the NINL, a company official said Friday.
The company aims to initially produce about 10,000 tonnes of its brand of "NINL SMART TMT" bars in a month from billets, produced at its state-of-the-art steel melting shop in Kalinga Nagar plant, the official said.
Sashi Shekhar Mohanty, Vice-Chairman and Managing Director of NINL said, "This will be a game changer for the company. In the coming days, the quantity of value-added products will go up as the NINL has invited 'Expression of Interest' for setting up of TMT bar-cum-rod mill."
The company has achieved important milestones in the last two years by executing capital repair of its blast furnace in April, 2018 and by resuming billet production from the steel melting shop in December.
The company's iron ore mines have also been granted necessary clearances during the period.
Mohanty said, the company is in an advanced stage of operation of its iron ore mines at Koira in Keonjhar and Sundargarh districts.
The operation is expected by the second quarter of the present fiscal, he said.
In 2018-19, NINL achieved its highest ever net sales turnover of Rs 2,100 crore, registering growth of 126 per cent and 65 per cent over the 2017-18 fiscal and 2016-17 fiscal respectively, company sources said.
With the addition of high value-added billets, TMT, Wire Rods, the top-line of NINL is expected to improve further, they said.
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