The company's promoter Vinay Kumar, along with representatives of the worker's unions, on Tuesday met West Bengal's minister for public undertakings and rehabilitation Mrinal Banerjee and apprised him of the state of affairs of the company.

In response, Banerjee has urged the creditor banks to take a practical view with regard to the company's debt.

KR Steelunion and its lead banker State Bank of Indore had announced a one-time settlement of Rs 16.5 crore over a two-year period.

The company with its only operational plant at Kalyani in West Bengal manufactures among other products steel rods and angles. It had turned sick in the early 1990s and was referred to the Board for Industrial & Financial Reconstruction. The revival package is awaitingclearance.

The management has decided to shift the two other plants located at Kalve in Mumbai and Kandla in Gujarat to West Bengal. The move follows a joint effort of the workers and management to turn around the ailing unit. In fact, the company had reported small profits in two out of the three previous financial years.