BSL hoping for turnaround

Shashank Shekhar

Bokaro  ( Jharkhand) : Presenting an optimist picture of turning the financial wheel  in favour of Bokaro Steel Plant in Jharkhand, which  suffered a loss of Rs 203 crore in 2016–17, Chief Executive Officer (CEO) P K Singh stated that with several  fresh initiatives taken  he is sure that by end of the current financial year (2017—18)  BSL will not only bridge its present  loss but will start running in profit.

Singh was talking to mediapersons at a pressed convened by him where he informed the reporters  about fresh initiatives taken by the steel plant. Giving the reasons for big loss suffered by the BSL in the last two financial years,  the CEO said that this was due to glut in steel market on global level,  rise in cost of imported coke from Australia and dumping of Chinese and Korean steel in India at very cheap rate compared to prevalent rate which  resulted in a loss of  more than Rs 4,000 to the SAIL in which BSL’s share was Rs 2,100 crore. As of now, BSl presently produces 4 million tons of steel per year which  is expected to touch 4.25 million tons, Singh informed .

The CEO informed  that several measures have been taken by the steel plant which include  production from two new cold rolling mills from August, cut in unnecessary expenses, increase in production of steel from different shops of BSL including Coke oven,  hot and cold rolling mills and other units. “We are trying  to bring back our old glory of profitability witnessed by BSL from 2005 to 2011 for which all BSL employees are putting up their best,” stated the CEO.

Besides the CEO, executive directors  S K Singh, H P Singh, R Krishna Swamy, Bokaro general hospital director A K Singh, general manager Rajbir Singh, chief of communications Manikant Dhan  and other senior officers were present on the occasion.