As we all know, Vizag was initially a fishing hamlet. Recognizing its potential in the fields of tourism and business, the government decided to establish the steel plant, which we all know today as Vizag Steel. Vizag Steel was one of the major contributors in transforming this city from a city of hamlets to the City of Destiny. As the CMD of Rashtriya Ispat Nigam Ltd (RINL or the Vizag Steel Plant),Ponnapalli Madhusudan said, If you look at any global growth story of any economy it is invariably piggybacked on the growth of the steel industry and coal sector.
Vizags cosmopolitan aspect had received an international boost with the sanctioning of the Vizag Steel Plant; dozens of Russians descended here to help build this mega-industry. One of the biggest industrial townships in Vizag district, it changed the complete topography and economic dynamics of Gajuwaka and the surrounding areas. Vizag Steel was conferred Navratna status in 2010.
Ever since its inception in 1971, Vizag Steel has been an epicenter of employment, infrastructure, and housing in Visakhapatnam. The company has grown from initially a loss-making industry to now a net worth of 3 billion dollars.