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In an official statement issued on Thursday the company said it attained record production volumes in FY 2019-20 despite challenging economic conditions, including the fallout of COVID-19 in the fourth quarter of the fiscal year.
“During the year, our blast furnace set a new benchmark in productivity through our in-house innovation which enabled it to operate consistently over its rated capacity,” the statement added.
Pellet production reached 11.63 million tonne during FY 2019-20, up 9.4% from 10.63 million tonne in the previous fiscal.
Like many other countries, India’s efforts to contain the spread of the coronavirus contagion led to a nationwide lockdown from March 25. Although central and state governments designated steel production as an essential service, constraints on the movement of people, logistics and downstream industries forced a significant cut in production to prevent build-up of surplus inventory. The entire industry, including AM/NS India, has also been impacted by weakening demand from large steel-consuming sectors such as automotive and construction.
Commenting on the operational performance, Dilip Oommen, CEO AM/NS India said: “Despite price and demand volatility, AM/NS India made great strides to improve its overall performance and operational efficiency.”
Our record performance would have been even stronger but for the impact of Covid-19 on domestic and global steel demand towards the end of March, he added.
“Our efforts have focused on ensuring that our facilities operate safely and securely. We have undertaken steps to achieve stability in our operations, as well as detailed planning so that we are well-prepared to ramp up operations when the situation improves, while also protecting employees and meeting customer needs,”Oommen said.
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