: Steel Minister reviews cost reduction plans of Public Sector producers #FinanceIndia #StockMarketNEWS Steel Minister reviews cost reduction plans of Public Sector producers New Delhi, Sept 21 (KNN)

@StockMarketNEWS Tue 21 Sep, 2021

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Steel Minister reviews cost reduction plans of Public Sector producers #FinanceIndia #StockMarketNEWS
Steel Minister reviews cost reduction plans of Public Sector producers New Delhi, Sept 21 (KNN) To review the status of cost reduction in the production of PSUs and action plan for the future, a meeting with officials of the PSUs from the Steel Sector was held under the Chairmanship of Union Steel Minister Ram Chandra Prasad Singh on Monday.

According to official resources, the Minister emphasised on the need to carry out macro & micro analysis of the parameters affecting the cost of production and leave no stone unturned to convert the adverse conditions into opportunities.

He directed that a road map for cost reduction through improvement in the aforementioned parameters in the next six months, be prepared and necessary action be taken. It was informed that coking coal, which is mostly imported, is the biggest cost element.

The Minister urged the PSUs to focus on the important cost cutting measures such as reduction in the coke rate, increase PCI injection and increase the use of pellets to reduce the consumption of coking coal and minimise the cost of production. It was also directed that these techno-economic parameters would be monitored on monthly basis through the Steel Dashboard.

The various parameters affecting the efficiency and productivity of the steel plants viz. BF Productivity, BF Coke Rate, BF PCI/CDI rate, Labour Productivity, Specific Energy Consumption, CO2 emission intensity, Water Consumption etc. were reviewed, so as to reduce the cost of production, improve the energy efficiency, reduce GHG emissions and minimize the water consumption.

The measures being taken to increase efficiency and productivity and reduce the cost of production of the steel plants & mines as per the Indian & global benchmarks and action plan to achieve the same were also discussed.

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