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.
