Indian Metals and Ferro Alloys Limited (IMFA), a leading ferro alloys manufacturer of the country, has been hit by global meltdown. With the recession hitting the stainless steel manufacturing industry in the world and ferro alloys being the major input in steel industry, IMFA’s exports have nosedived and its three submerged electric arc furnaces of 82 MVA capacity have closed down.
The industry that started more than four decades back depending on the local availability of charge chrome and quartz has found the deposits depleting.
It is now sourcing quartz, the raw material for silicon operations, from Andhra Pradesh.
The transmission and distribution loss in getting power from its captive power plant at Choudwar is another factor that adds to the cost of production.
‘‘With these figures we have to think how to restructure and survive,’’ said senior general manager (operations) D. Senapati who took over charge of the unit from vice-president Deepak Kumar Mohanty recently.
Meanwhile, around 500 contract labourers have started agitation demanding wage settlement.
Satpathy said the labour union is demanding manifold hike in emoluments and the matter is pending in a tribunal.
Satpathy said even in this period of recession and closure of the plant, the company has not resorted to lay-off or retrenchment.
Source: Express Buzz
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