Steel Minister Reviews Performance of MSTC & FSNL MSTC Presents Dividend Cheque

The Union Minister of Steel, Shri Beni Prasad Verma has reviewed the performance of MSTC and FSNL Limited here today. The Secretary, Ministry of Steel, Shri D.R.S. Chaudhary was also present on the occasion. Shri S.K. Tripathi, CMD, MSTC Limited made a presentation on the performance of MSTC and FSNL as well as elaborated on the future plans of the company.

The Minister of Steel advised MSTC to increase its profits substantially. Shri Verma also exhorted MSTC to complete the setting up of container freight station in Haldia and Shredding plant project in the country with a great deal of urgency.

During the period April 2012 to September2012, the volume of business has been `10,603 Crore increasing by 58% compared to last year. MSTC has made continuous growth in profit in last three years. Recent achievements of MSTC include entering into an agreement for the first time with the Government of Andhra Pradesh, to provide them total e-Commerce services for all transactions. MSTC has entered into e-auction of tea, iron ore, human hair, chromites ore and agricultural products in last two years. The company has been successfully auctioning Iron Ore in Karnataka through its e-auction portal. Recently the company has started e-Auction of Manganese Ore in Karnataka. The Minister of Steel also reviewed the performance of FSNL and said that the company needs to show improvement in its performance and increase profits.

Earlier, the Minister of Steel, was handed over Final Dividend cheque of `5.47 Crore for the Financial Year 2011-12 by the CMD, MSTC. MSTC has already paid Interim Dividend of `15.81 Crore and the total Dividend paid by MSTC Ltd. is 1077% of the paid up Capital.