NMDC Chairman says have the Operational Agility to Absorb Cyclical Volatility at Company’s 63 Annual General Meeting

New Delhi : National Mineral Development Corporation Ltd. (NMDC), under the Ministry of Steel held its 63rd AGM on yesterday during which it shared highlights of its spectacular performance achieved during very difficult times.

The Chairman and MD Sumit Deb via video conference said that the pandemic has accelerated some key trends that will bring about a shift in steel demand. “The iron & 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,”

Deb also shared many records set by the NMDC team during FY 21, including a record turnover of
Rs 15,370 crores, 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. Shri 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.