MAHARASHTRA ELEKTROSMELT TURNS AROUND

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Maharashtra Elektrosmelt Limited (MEL), a subsidiary company of the Steel Authority of India Limited (SAIL), which incurred a loss of Rs. 8.38 crore during 2001-02 has turned around and made a marginal net profit in the financial year 2002-03. The company has reduced its major liabilities by around Rs. 15 crore and managed a reduction in interest liabilities and finance charges by Rs. 1.25 crore. The company was incurring losses in the preceding four years.

During the year the company has shown growth in production of high carbon ferro manganese (23.53 per cent), silicon manganese (10 per cent), manganese ore fines sinter (30 per cent) and special ferro alloys (82 per cent) compared to the previous year. Power generation during the year has also recorded 33 per cent growth. The company was taken over by SAIL in January 1986. It produces Ferro Alloys which is used by the Steel Industry. MEL has an installed production capacity of one lakh tonnes Ferro Alloys a year.