Steel Min expresses concern over MOIL performance

Expressing concerns over dipping profit of MOIL Ltd, Steel Minister Beni Prasad Verma today asked the manganese ore producer to imporve its performance. "The minister [Verma] has expressed his concern over the falling profit of the company and advised the company to improve its performance," an official release said. Click here for Cloud Computing Also Read Related Stories News Now - Steel prices to rise by up to Rs 1,000 per tonne - Net steel imports dip to 2.5 mn tonne in April-Jan - MOIL plans foray into power generation - Euro crisis to keep Indian markets volatile: Eco survey - Steel import duty likely to double in Budget: sources - Mallya should take proactive interest, says Moily Till February this fiscal, MOIL's production was 9.47 lakh tonne and has clocked a sales turnover of Rs 819.38 crore. The company earned Rs 523.42 crore profit before tax and Rs 349.55 crore profit after tax for this fiscal, the release said. It had 11.51 lakh tonne manganese ore during the entire 2010-11 fiscal and clocked Rs 1,139.97 crore sales turnover. The profit before tax and profit after tax was Rs 880.15 crore and Rs 588.05 crore respectively in the fiscal. MOIL Chairman KJ Singh today presented a dividend cheque of Rs 24.05 crore to the steel minister here. The statement said MOIL has has been taking measures to improve performance by implementation of mining projects such as deepening of existing vertical shafts and sinking of new shafts. "Besides, it has also set up Joint Venture companies with SAIL and RINL for manufacture of ferro alloys," it said. Meanwhile, in a filing to the Bombay Stock Exchange (BSE), MOIL said Maharashtra's Principal Secretary (Industries) K Shivaji has been appointed in the company Board as an ex-officio Director. The government holds 71.57% stake in MOIL. The state governments of Maharashtra and Madhya Pradesh hold 4.62% and 3.81% stake respectively in the company. The remaining 20% holding is with the public.