Rashtriya Ispat Nigam Limited (RINL) Chairman and Managing Director (CMD) P K Rath on Friday (23-08-2019) said that with the global market, it is imperative to implement cost-effective measures in order to stay afloat. Delivering the keynote address at the conference on Cost-effective technologies and market for long products organised by the magazine, Steel and Metallurgy at hotel Taj Gateway, he said the scenario will sure to change in next quarter although the first quarter was not that much encouraging.
Mr. Rath underlined the need to adopt technologies to improve the steel sector. He stated the forged wheel plant, an integrated venture of RINL at Raebareli is getting readied next month. He laid emphasis on incorporating cost-effective measures to produce quality steel and tide over the present economic slowdown. Speaking on the occasion, JSW Steel Ltd (Sales and Marketing) senior vice-president Sanjay Agarwal said lack of funds pose a huge challenge to the steel industry and urged on investing in value additions to overcome the present crisis. Joint Managing Director of M N Dastur and Co Ltd, Subrata Mitra highlighted the need to focus on smaller steel industries adopting quality design. Moderator and editor of Steel and Metallurgy Nirmalya Mukherjee encouraged the employees of steel industries to share their challenges.