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From the Desk of Chairman
 

Steel plays an important role in infrastructure creation and steel industry in India holds considerable optimism, despite the global economic slowdown. India’s enormous domestic market itself can support the increasing steel consumption.

As you know Company has passed through difficult phase from the very beginning due to various reasons like the Lurgi German technology being new at that time cost of project was high followed by high cost of debt which could not be supported by production and sale of the Sponge Iron manufactured by the Company.

In June, 2011 there was change of management and control and we are trying for the revival and bringing the company on the growth path. As a first step to bring the assets and liabilities at par we have written off the loss against capital with the approval of Hon’ble High Court of Chhattisgarh. On the other hand we are installing power plant through utilization of heat of the Kiln to reduce the cost of power and dependence on the outside power.

Management is also trying its best to find out ways and means to reduce the cost of production and we are hopeful that Company will come on the growth path in the near future.

It gives me immense pleasure to express my appreciation for the contribution made by Directors, employees and all others associated with the Company and also the shareholders for their continued patronage, confidence and interest in the Company.

Regards

SANJAY SINGAL
CHAIRMAN

 
 
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