Southern Iron and Steel Company Ltd. (SISCOL), the only integrated steel plant in Tamilnadu, and part of JSW Group having Group turnover exceeding Rs.10,000 crores ,showed an impressive performance for the quarter ended 31st Dec 2007. Its EBIDTA improved to Rs. 46.57 Crores Operating Profit of Rs 27.80 crores and PAT of Rs. 6.38 Crores for the quarter. This was possible because of higher volumes, improved performance, and better sales realization as compared to corresponding quarter of previous year.
Financial Performance

The net sales for the Quarter stood at Rs.278.86 crores with growth of 62% over the corresponding quarter of previous year. The company’s net worth has improved to Rs.655.00 Crores.

Operational Performance :

The operational performance of SISCOL during this quarter as against the corresponding quarter of previous year is as below:

PRODUCTION (MT)

2006-07

Q3

2007-08

Q3

Increase

Billet

78701

114679

45%

Rolled Product

75663

82014

8%

PROJECTS

The Company is implementing expansion project to expand the capacity from 0.3 million tonnes per annum (mtpa) to 1.0 mtpa and has commissioned the following major projects during the third quarter:

§ Energy Optimization furnace II (65 MT capacity)

§ Wire Rod Block

§ Bloom Caster

With the commissioning of Coke Oven, BF and gas based 30 MW Captive power plant during the year 07-08, the plant has become self sufficient in power and economics of own power generation would further improve the financials of the company.

Company is following with Government of Tamil Nadu and Government of India for grant of Mining Lease for Iron ore Mines Kanjamalai and Thiruvanamalai in Tamil Nadu and significant progress has been made.

SISCOL will then be one of the few plants in the country to have its own Iron ore Mines, Power Plant and Integrated operation. This will put it firmly on sound Financial position, besides its unique product mix and optimum size.

The shareholders of the Company in its meeting held on December 28, 2007 have approved a Scheme of Amalgamation of the Company with JSW Steel Limited with effect from April 1, 2007 (“Appointed Date”) under sections 391-394 of the Companies Act, 1956. The Scheme is subject to the approval of the jurisdictional High Court and other concerned authorities. On receipt of all the necessary approvals, the accounts of the Company shall be consolidated with that of JSW Steel Limited with effect from the Appointed Date in terms of the Scheme of Amalgamation.

Sourced From: Adfactors Public Relations Pvt Ltd

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