Hyderabad: We have the operational agility to absorb cyclical volatility, said National Mineral Development Corporation (NMDC) Chairman and Managing Director Sumit Deb during its 63rd Annual General Meeting. NMDC is a public sector entity under the Ministry of Steel.
During the AGM, Deb shared the highlights of the company’s spectacular performance achieved during very difficult times. He said the pandemic has accelerated some key trends that will bring about a shift in steel demand.
“The iron and steel industry will see exciting opportunities from rapid developments through digitalisation and automation, infrastructure initiatives, reorganisation of urban centres and energy transformation. At NMDC we have the required operational agility to absorb the cyclical volatilities in the iron ore and steel sector and stay ahead on a growth trajectory,” he said.
The CMD also shared many records set by the NMDC team during FY 21, including a record turnover of Rs 15,370 crore, the highest since the company’s inception. As India’s largest iron ore miner, NMDC was prepared to meet the unexpected surge in domestic demand and was further supported by the Government’s proactive measures for a quick recovery.
Deb pointed out that record production and sales had also been achieved by the NMDC team not spared by the pain of a tough second wave of this pandemic. During the financial year NMDC achieved its highest ever production of 34.15 MT and sales of 33.25 MT. Deb also stresses on the digital transformation of the company.
The digital transformation at NMDC will include a fleet management system, automatic sampling, vision enhancement systems to avoid accidents under foggy weather and 3D volumetric laser scanners, improving productivity and enhancing operational safety.
