The year 15-16 we at MSP Steel & Power Ltd. were bracing and struggling to enhance resurgence in the Steel and power sector. As the Global Steel Industry was in the throes of turbulent time global excess capacity of Steel at historically low prices resulted for loss of Company, moreover global economy recovery, during the year remained sluggish, fragile and uninspiring. With the deep integration of China in global manufacturing supply chain, and weak growth in global trade this sector slowed down. The scenario for emerging markets and developing economies is not very encouraging either. In this climate, your Company will likely look to reduce debt, manage costs and implement operational improvements to weather the turbulence ahead. Your Company is looking towards 2017 for signs of recovery. India's iron ore production in F.Y. 2016 reached 155 MT, registering on a annual growth of 23%. A bulk of the incremental production has come from Odisha, where post the operationalisation of "The Mines & Minerals (Development & Regulation) Amendment Act, 2015," a number of mines which were closed after the Hon'ble Supreme Court order dated 16th May, 2014 resumed production in F.Y. 2016.
During the end of this year which was a period of high ebb & flow, we hereby confirm to have a propitious upcoming year, with the strategies we have undertaken & operative measures we have taken. I thereby solicit the support & cooperation of all our Stakeholders to help us win and achieve the highest possible goals.