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Commissioning of NMDC steel plant delayed

Tuesday, 29 Sep 2020
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The commissioning of NMDC’s three million tonne capacity steel plant in Chhattisgarh scheduled for 2020 has been delayed due to COVID-19 and is now expected by July 2021.

Experts from foreign countries, engaged in the project work, could not undertake a visit for an inspection and clearance in view of COVID-19 travel restrictions.

NMDC has so far invested Rs 16,000 crore in the plant and the total cost will be Rs 21,000 crore once completed. The plant is on the verge of completion and some balance work will be taken up.

The steel plant is expected to generate annual revenues of Rs 14,000-Rs 15,000 crore (at the optimum production levels) with EBITDA margins of 15-20 percent.

NMDC normally invests about Rs 2,000 crore towards capital expenditure (capex). However, in FY21 it will slightly reduce to Rs 1,860 crore.

NMDC has been in discussions with both the Karnataka government and the Centre on Donimalai Mine lease extension to resolve certain unviable terms in the lease agreement.

On 15 September 2020, the State Cabinet cleared the company's application for starting mining operations at Donimalai. However, actual resumption of mining operations in Donimalai mines is expected to start in the October 2020 which will add production of five to six lakh tpm.


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