The 33rd annual general meeting of Rashtriya Ispat Nigam Ltd, the corporate entity of Visakhapatnam Steel Plant, has approved an annual turnover of Rs.11,665 crore with a profit after tax of Rs.62 crore during 2014-15.
The AGM held at its head office here with RINL Chairman-cum-Managing Director P. Madhusudan in the chair admitted that its performance was hit due to Hudhud cyclone and impact of heavy imports from China.
In his address, the CMD stated that the company registered a growth of 3 per cent in crude steel production despite the operations of the plant being severely impacted by Hudhud.
After Hudhud, the plant’s operations could be normalised in the quickest possible time and the growth momentum could be resumed in the later part of the year.
Import of steel from China increased considerably during the second half of the fiscal, impacting product price realisations. The increase in imports from China during the fiscal was 202 per cent in the non-flat category (longs), and RINL, being an exclusive producer of steel longs, was severely affected and profits declining sharply in the second half.