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Orissa Sponge Iron & Steel Ltd. Company History and Annual Growth Details

YEAR EVENTS
1979 - The Company was incorporated as a Public Limited Company on 9th
April, 1979. The Company was promoted in the joint sector by the
Industrial Promotion & Investment Corporation of Orissa Ltd.
and Torsteel Research Foundation India (TRFI).

- The main objective of the company is to manufacture sponge iron.

- The Company entered into four separate agreements with
Allis-Chalmers Corporation, U.S.A. relating to (i) supply of
certain equipment including, process equipment (which pertains to
the main plant) and materials, (ii) rendering of technical
services outside India including supply of certain specified
documents, drawings, information and data (iii) rendering of
advisory and other services in India pertaining to erection,
installation, start-up and operations of the Company's plant and
(iv) grant of patent rights to the Company.

- Sponge iron is produced by removing most of the oxygen in the
iron ore, without resorting to melting. Sponge iron will be
produced both in lumps and briquettes. It can be used in
electrical furnace together with scrap for making steel and in
industrial furnace together with pig iron to make ductile iron
and other high quality castings.

1980 - 70 shares subscribed for by the signatories to the Memorandum of
Association; 12,00,000 shares taken up by Torsteel Research
Foundation in India (TRF); 18,59,930 shares allotted to
industrial Promotion & Investment Corporation of Orissa, Ltd.
(IPICOL) and 6,00,000 shares issued to Allis-Chalmers
Corporation, U.S.A., 23,40,000 shares offered at par for public
subscription during November 1980.

1985 - The Company revalued its factory building and plant and machinery
as on 31st March.

- A number of TRFI licensees joined hand with TRFI for setting up
the Company's project. They are Mukand Iron & Steel Works, Ltd.,
Usha Alloys & Steels, Ltd., Rathi Alloys Steels, Pvt. Ltd.,
Mahindra Ugine Steel Co., Ltd., Shri Ishar Alloy Steels, Pvt.
Ltd., Rathi Ispat, Ltd., Surendra Industries (Mumbai), Pvt. Ltd.,
Bhoruka Steel, Ltd., Bhagwan Industries, Ltd., Star Steel Pvt.
Ltd., Western Rolling Mills Pvt. Ltd., Agarwal Hardware Works
Pvt. Ltd., Orient Steel & Industries, Ltd.

1991 - During the year, an order was received to assist Sunflag Iron &
Steel, Ltd. for improving their process technology to achieve
lesser carbon consumption, lesser off grade production and lesser
kiln accretion.

- The Company proposed to associate with a joint effort with the
State Government, Central Govt., TRFI and others to promote a
venture for processing fruits and vegetables grown around the
plant site areas and districts, primarily for export purposes.

- The Company also associated in assisting the promotion of a large
pig iron unit in Orissa from where it hoped to get sufficient hot
meal to blend with its own sponge to make billets.

1994 - Production of sponge iron was restricted to 93,707 tonnes due to
unforeseen breakdown of the thrust roller supporting the kiln in
January, 1995 leading to loss of production for about 3 weeks.

- The Company's 65,000 TPA steel billet project was implemented and
commercial production commenced from 15th March, 1995.

- The Company undertook to install an additional kiln with a
capacity of 1,50,000 tpa of sponge iron taking the total to
2,50,000 tpa. This would be taken up along with commissioning of
the BANSPANI-DAITARI rail link expected by 2002.

- The Company undertok to set up a 100% EOU for manufacture of
tomato paste, mango concentrate, papaya concentrate and guava
pulp in association with Orissa Agro Industries Corporation Ltd.

- The Company undertook to set up a one million tonne capacity iron
& steel project in association with State Government.

- 12,37,958 No. of Equity shares allotted as conversion of loans to
promoters at a premium of Rs 5 per share.

1995 - The Company proposed its second phase of expansion for setting up
9 MW power plant using waste heat of the kiln.

- The Company undertook to set up a separate company together with
an international company for manufacture of steel billets at
Patna, Bamra, district Sambalpur, Orissa through sponge iron
waste heat and waste coal power - electric furnace and continuous
caster route. The project envisages setting up a project to
manufacture light sections in a rolling mill complex with an
installed capacity of 3,00,000 tpa.

- 36,18,979 Rights equity shares issued (Prop. 1:2; prem. Rs 10).
Of these 35,975 shares kept in abeyance.

1996 - The sponge iron plant suffered an accident due to failure of an
imported thrust roller, leading to plant closure for 20 days.

1997 - The Company also intends to install an additional kiln with a
capacity of 150.000 tonnes of Sponge Iron Production per year
taking the total capacity to 2,50,000 tonnes per year.

- The Company intends to promote a separate Company in association
with a reputed international Company to set up an Iron and Steel
Complex at Bamra in stages in the district of Sambalpur, Orissa.

- The proposal envisages setting up a project for manufacture of
light sections in a rolling mill complex with an installed
capacity of 300000 tonnes per annum.

1998 - Bilati (Orissa) Limited, a fruit and vegetable processing Export
Oriented Unit promoted by the Company has been successfully
commissioned.

- Company intends to set up a 10 MW power generating unit using
waste heat from the reactor for captive consumption of the sponge
iron and billet units.

1999 - The Company had approached Grid Corporation of Orissa Ltd. to
allow the Company to avail power during off-peak hour at a
concessional rate which is receiving their consideration.


2007

-Orissa Sponge Iron & Steel Ltd has appointed Mr. Munir Mohanty as an Additional Director of the Company.

2009

- Orissa Sponge Iron & Steel Ltd has informed that the Board of Directors of the Company at its meeting held on July 30, 2009, have appointed Mr. Hemant Sharma, IAS as Chairman cum Director of the Company as a nominee of Industrial Promotion and Investment Corporation of Orissa Ltd (IPICOL) in place of Mr. A K K Meena, IAS.

2010

- Orissa Sponge Iron & Steel Ltd has appointed Mr. B. K. Sarkar as an 'Additional Director' with immediate effect.

He will be an 'Independent Director' on the Board.