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Shri B. Ramesh Kumar, Chairman and Managing Director, National Mineral Development Corporation Ltd. a Central PSU under the Ministry of Steel has presented a dividend cheque of Rs. 98.81 crores to Shri Ram Vilas Paswan, Union Minister of Steel, Chemicals and Fertilizer for the year 2004-05, here today.
Later, NMDC also presented its expansion plan to the Minister of Steel. During the presentation on expansion plan of NMDC, Shri B. Ramesh Kumar, CMD, NMDC informed the Minister that NMDC proposes to increase iron ore production from 20.74 million tonnes per annum to 50 million tonnes per annum by the year 2020 by increasing production from existing mines and opening new mines in order to meet growing national demand.
Chairing the meeting, the Minister stressed upon the need for the expansion of NMDC and he categorically told the NMDC to put their energy on production as well as consumption. He said that NMDC should chalk out its strategy in a way so that the production target of 120 million of steel could be achieved by 2020 in accordance with new steel policy. He also asked the NMDC to assess the market need and its demand.
The Minister categorically told the NMDC officials that the time has changed and NMDC is not going to get a preferential treatment either from the Central Government or from the State Government. Hence, it is imperative on the part of NMDC to chalk out its own strategy in order to meet the challenges from competition and liberalization as private sector is equally competing for mining.
SKM/NSR
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