The iron and steel industry is one of the most important fundamental sectors of the economy of country, one of the significant indicators of the economic power and comprehensive strength. Not only does it make enormous contributors to construction and development but it fully meets the demands brought about by the rapid economic and social growth. The industry plays an irreplaceable and crucially important role in overall technological innovation and upgradation. It is vital in promoting employment and boosting economic prosperity, and serves as the pillar of economic development and social stability.
Journey across the landscape of the vital industry, Bhushan Power & Steel (BPSL) is continuously evolving. Over the years, we have built on technology! We have patiently and persistently worked finding innovative solutions in building business in a sustainable manner. I feel proud to say, BPSL has earned its rightful place amongst a select group of steel creators with a strong presence in the entire spectrum of steel value chain, in long as well as flat products.
Let me highlight our achievements. On the operational front, we have made significant progress in the last year. The operational capabilities have also been strengthened based on investments made and the improvement initiatives, aimed at efficiency enhancements and rationalization.
We have also successfully implemented the Odisha Project Phase V ahead of its scheduled implementation time, comprising Iron One Beneficiation Plant, Pellet Plant, Pickling Line, Cold Rolling Mill, Precision Tube Mill, Black Pipe Plant and Bright bar Finishing Lines. Our fully commissioned 6.5 MTPA iron Ore Beneficiation Plant and 3.85 MTPA pellet plant is a step towards backward integration. Needless to say, all these will create more value added products in the high-end steel market segment and give us the opportunity for capturing the growing demand of steel products in the downstream long product segment.
The future is challenging. The consumption of steel, a key ingredient in several industries such as construction, infrastructure, automobiles and consumer goods, is expected to rise. I believe, BPSL will emerge on a strong footing, through a series of management initiatives targeted at strengthening our core operations including investment in select facilities, product rationalizations and right-sizing of manufacturing assets. We are now more flexible, proactive and resilient enough to adapt to changes and emerge efficiently, capable of coping with all challenges. The next year will take us future ahead to achieving this and other goals. I look forward to your ideas, contributions, and support, as always.
May I now take this opportunity to thank everyone—employees, customers, bankers and financial institutions and other associates—for the flexibility and patience they have shown in us.
Chairman & Managing Director