Steel Min asks MOIL to raise production

Steel Minister Beni Prasad Verma today directed state-run manganese ore producer MOIL to raise production to meet the increasing requirement of the steel industry.

"Beni Prasad Verma directed the company to increase production of manganese ore to cater to the growing needs of steel industry," an official release, issued today following the half-yearly review meeting of the company, said.

Verma has also advised MOIL to look for acquisition of mines abroad for increasing both production and turnover.

During the first half of current fiscal, MOIL's production increased by 3.69 per cent over the corresponding period in the previous year.

"Sales turnover of the company increased by 3.27 per cent during the first half over the corresponding period last year.

Profit After Tax decreased by 3.69 per cent compared to last year. The shortfall in profit is due to fall in international prices of manganese ore," it said.

MOIL also presented the final dividend of Rs 36.07 crore for the year 2011-12 to the Steel Minister of Steel today.

"With this MOIL paid a total dividend of Rs 60.11 crore," the statement added.