7th November, 2002
Ministry of Steel  


MSTC GIVES RS. 83 LAKH DIVIDEND TO GOVERNMENT


The Metal Scrap Trading Corporation (MSTC), a Government of India Enterprise under the Ministry of Steel has announced 42 per cent dividend on the equity for the year 2001-02. The CMD of the company, Shri M. Sengupta today handed over a cheque for Rs. 8,301,720/- to the Minister for Steel, Shri B.K. Tripathy towards the dividend to the Government for the year. MSTC paid a dividend of 35 per cent on the equity last year, 33 per cent in 1999-2000 and 25 per cent in 1998-99.

The company has declared a bonus share in the ratio of 1:1 in 1993-94. Thus, in the last four years the company has paid, by way of dividend, 270 per cent of the original investment by Government. It may be mentioned that MSTC has no outstanding government loan and has never undergone any capital restructuring.

MSTC has acquired 40 per cent of the share holding of Ferro Scrap Nigam Ltd. (FSNL) from Harsco Inc. USA making the latter a wholly owned subsidiary of MSTC. A plan of action is under preparation so that the strengths of these two companies can be combined and they may have a larger presence in the market.