Capacity utilization to improve as demand is rising sharply NMDC has iron ore mining capacity of 46mtpa, but utilization is only ~80%. We expect utilization to improve gradually to 100% over the next 2-3 years, as its key customers (JSW steel, Essar Steel and RINL) are all ramping up production. There will be additional demand of 15-20mtpa. NMDC is well placed to serve them due to its high quality of ore and access to rail infrastructure. NMDC is also investing in doubling of the KK line to improve evacuation from the Chhattisgarh complex. Steel plants, albeit delayed, will be highly profitable...