IMFA Group records stellar performance in 2003-04
Ferro Chrome production once again crosses 1 lakh tonnes
ICCL registers 118% capacity utilisation and highest ever exports
Apr 23, 2004
Internal Press Release

IMFA Group, India's largest producer of ferro alloys with 130 MVA installed furnace capacity, today announced its operational results for 2003-04.

Ferro Chrome production during the Financial Year touched a record high of 1,02,539 tonnes (1,00,368 tonnes previous year) and has come about despite a transformer failure at IMFA which resulted in loss of production for about 2 months. What is noteworthy is that ferro chrome output at Indian Charge Chrome Ltd (ICCL) reached 74,240 tonnes representing 118% capacity utilisation.

Mr Subhrakant Panda, Joint Managing Director, said : "The entire team has worked very hard to make 2003-04 a memorable year. It was important for us to maintain the momentum of the previous year and I am very proud that ICCL in particular has been able to step up production to make up for the loss of output at IMFA. Of course, it was also imperative for us to cash in on the buoyant market."

Ferro Silicon production & electricity generation was marginally lower during the current fiscal at 35,965 tonnes (36,584 tonnes previous year) and 808 million units (842 million units) respectively. However, ferro chrome exports from ICCL registered an all time high of 56,814 tonnes representing a 23% increase over the previous year.

Mr Panda added that : "Strong demand for our products – ferro chrome and ferro silicon – has resulted in prices surging in the second half of 2003-04 and the indications are that this trend will continue for the foreseeable future. Our focus during the current year shall be on maximising output and thereby profitability so as to enable accelerated repayments to lenders". In this context he said that repayment during 2003-04 was to the tune of Rs 345.41 million and the cumulative repayment figure was Rs 964.99 million.

For any information relating to IMFA Group or to enquire about a Press Release issued by us please contact:

Mr Kishore Mohan Mohanty
Bhubaneswar
email: kishoremohanty@imfa.in