The Hindu Business Line
RINL-VSP achieves turnover of ₹20,844 cr
Rashtriya Ispat Nigam Limited (RINL), also known as the Visakhapatnam Steel Plant, has achieved a record turnover of ₹20,844 crore during 2018-19, according to a press release.
PK Rath, Chairman and Managing Director, said that the company had registered an impressive growth of 25 per cent over the previous year’s turnover of ₹16,625 crore.
The company had produced 5.77 million tonnes (mt) of hot metal which is a growth of 12 per cent; 5.52 mt of liquid steel and 5 mt of saleable steel both of which are 11 per cent more than in the previous year.
The company also achieved a 13-per cent growth in power generation and 8 per cent in labour productivity.
Rath said that RINL had achieved a gross margin of ₹ 1,700 crore during the year, a 400-per cent growth over corresponding period previously.
He called upon the employees to further ramp up production and increase pulverised coal injection in all the blast furnaces to reduce cost of production.
He said the coke oven battery-5, forged wheel plant at Rae Bareli in Uttar Pradesh , and twin ladle furnace are ready for commissioning in the first half of the current year.
He was confident that RINL would achieve a good performance during 2019-20 also. RINL also achieved a 22 per cent growth in production of high-end, value-added steel, development of niche products, 22 mm spring steel for the Indian Railways and spring steel flats for the automobile industry.
It has also commenced international operations at Colombo.
Vizag steel products are being supplied to national projects such as Polavaram, Statue of Unity, Rohtang Tunnel, Metro Rail Projects and for the construction of the AP capital Amaravati.
RINL is projected to achieve production of 6.5 mt of hot metal, 6.4 mt of liquid steel and 5.8 mt of saleable steel and a jump in turnover to about ₹25,000 crore during FY 2019-20.