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Rashtriya Ispat Nigam Limited (RINL) achieves record turnover of Rs .20,844 crores

Rashtriya Ispat Nigam Limited, the corporate entity of Visakhapatnam Steel Plant, has projected to achieve a production of 6.5 million tonne of hot metal, 6.4 million tonne of liquid steel and 5.8 million tonne of saleable steel and a turnover of about Rs.25,000 crore during 2019-20 financial year.

Addressing the officers on the first day of new financial year, RINL Chairman-cum-Managing Director P.K. Rath said the company registered a strong performance by recording the highest sales turnover of Rs.20,844 crore during the just concluded 2018-19 financial year. RINLs performance during the year under review represented an impressive growth of 25% over CPLY of Rs.16,625 crore. He congratulated the RINL-VSP collective for the stupendous performance achieved in all areas of operations.

Mr. Rath highlighted the overall improvement in the performance of the company and mentioned that RINL achieved 5.77 million tonne of hot metal, 5.52 million tonne of liquid steel and five million tonne of saleable steel, representing a growth of 12%, 11% and 11% respectively. The company also achieved a growth of 13% in total power generation and 8% in labour productivity.

The CMD said RINL achieved a gross margin of Rs.1,700 crore during the year, a growth of 400% over CPLY. He called upon the employees for further ramping up of production and increase in Pulverized Coal Injection (PCI) in all the blast furnaces to reduce the cost of production.

Mr. Rath said that the Coke Oven Battery-5, Forged Wheel Plant at Rae Bareli, twin ladle furnace were ready for early commissioning in the first half of the current year and expressed confidence that RINL collective would achieve a very good performance to regain the past glory during 2019-20.

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