Orissa Sponge Iron & Steel Ltd share Price Today

Incorporated in Apr.`79, Orissa Sponge Iron was promoted in the joint sector by the Industrial Promotion & Investment Corporation of Orissa and Torsteel Research Foundation and its associates. The company`s plant manufactures sponge iron (cap. 1,00,000 tpa) through the direct reduction route by using non-coking coal as reductant. In 1994-95, it implemented a project with a capacity of 60,000 tpa to manufacture billets using its own sponge iron. The company also has a project consultancy division which provides technical consultancy and project engineering services to sponge iron plants. Lloyds Metals & Engineers has adopted the technology provided by OSIL. Sponge iron is a basic input requirement for mini steel plants. It is a substitute for scrap. Clients of the company include Usha Martin Industries, and Bihar Alloy Steels, etc. The company came out with a rights issue in Mar.`95 to part-finance the project of setting up a 65,000-tpa steel billet plants. It has installed a 10-MW power plant utilising waste heat from the sponge iron plant, which has make it self sufficient in power. The company intends to install an additional klin with a capacity of 150000 tonnes of Sponge Iron production per year and also to set up a Steel Billet Plant at Bamra, Dist Sambalpur, Orissa with an installed capacity of 300000 TPA. The company is also setting up a 9 M.W power plant using waste heat of the klin, this will enable the company to reach almost self sufficiency in power requirement of the Steel Billet Plant, but also reduce the power cost. The construction of 10 MW Waste Heat Power Plant based on waste heat from the sponge iron was completed and commercial operation was commenced from July 2001.