Metkore Steel and Alloys declares lockout at Tekkali plant.

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Metkore Steel and Alloys declares lockout at Tekkali plant

History of Metkore The company was engaged in the manufacturing of high grade carbon Ferro-chrome for use in the stainless steel industry The company was engaged in the manufacturing of high grade carbon Ferro-chrome for use in the stainless steel industry The plant has an annual capacity to produce 30,000 tonnes of Ferro-chrome products The plant has an annual capacity to produce 30,000 tonnes of Ferro-chrome products Metkore, which is listed on both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), had reported a net profit of Rs lakhs and a total income of Rs crore for the quarter ended December 2014 Metkore, which is listed on both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), had reported a net profit of Rs lakhs and a total income of Rs crore for the quarter ended December 2014

Inspection was interrupted In June last year the factory employees reportedly blocked the representatives of the public sector Steel Authority of India (SAIL) and NSEL from inspecting the Ferro-chrome stocks that were kept at the company’s warehouses in Tekkali town The inspection was planned after the MPID court allowed the auction of Metkore’s Ferrochrome stocks worth of Rs 91 crore under the supervision of the monitoring and auction committee appointed by the Forward Markets Commission (FMC)

Where is the plant located? Metkore Alloys, one among 24 Defaulters in the NSEL crisis owes Rs crore They declared a lockout at its Ferro-chrome manufacturing plant located in the north coastal Andhra district of Srikakulam

When was the MD arrested and why? The company’s managing director Prashant Boorugu was arrested last year by the EOW for default of payment to the National Spot Exchange Limited (NSEL)

Faking the real reason for lockout The company’s management posted a lockout notice on the factory gates Around 300 workers were employed in the factory’s operations The company cited increased power costs, losses and other factors as the reason for declaring the lockout