NEWS

      Recently, the Minister of Indian steel NarendraSinghTomar Indian steel ministry secretary RakeshSingh held a closed-door meeting, the meeting mainly discussed the India’s largest state-owned steel companies - Steel Authority of India’s capacity expansion and yield situation. Prior to the June 10, the Indian government ordered the former chairman of Steel Authority of India CSVerma step down, also announced that India’s steel ministry secretary Singh agent immediately as chairman until the election of a new chairman. CSVerma by the Government of India on the next election, in June 2010 served as chairman of Steel Authority of India, the original term of office may be extended to September 2019. Therefore, the Indian government suddenly announced CSVerma step down, contrary to expectations of the company’s employees.

After the closed-door meeting, according to India’s steel ministry issued a statement shows that at the meeting the Minister of Indian steel Tomar severely criticized after the Steel Authority of India in the new capacity building and modernization projects increase production aspects of procrastination style, and expressed India vertically integrated upstream and downstream capacity concerns steel Authority. Tomar said that Steel Authority of India vertically integrated upstream and downstream capacity needs at the right time, in an appropriate manner, and idle production capacity is a huge waste.

Previously, the Steel Authority of India did not do the planning, resulting in new upstream Karnataka steel plant smelting enterprises --Visvesvaraya delayed 58 months production. According to India’s audit department estimates, the incident resulted in Steel Authority of India during this period were forced to continue their old smelting furnace purchased $ 283 million rupees ($ 4.5 million) of the fuel used to maintain production.

印Steel Authority of this year’s production and operation objectives is under the five steel company’s total production capacity of finished products from the previous 12.5 million tons to 19.3 million tons. However, the 2014 fiscal year (April 1, 2014 - March 31, 2015) Steel Authority of India finished steel production fell by 3.2% to 10.3 million tons, far less than the target yield. At the same time, the company’s 2014 fiscal year, profit after tax also fell sharply by 20% to 20.93 billion rubles ($ 327 million).