Godawari Power & Ispat’s subsidiary -- Ardent Steel has temporarily suspended the operations at Iron Ore Pellet Plant in Orissa due to unfavourable market scenario in Steel sector due to cheaper imports of finished steel. The fall in prices of finished product has resulted into decrease in operating margin below the cost of production. The company is monitoring the market conditions and looking for alternative ways to improve the profitability & revive the operations.
Godawari Power & Ispat is engaged in the production of sponge iron, steel billets, ferro alloys, HB wires, oxygen, fly ash bricks and is also in the power business. GPIL is a flagship company of Raipur-based Hira Group of Industries, which is an integrated steel manufacturer and is having dominant presence in the long product segment of the steel industry; mainly into mild steel wire.
