RINL starts new fiscal with a bang
On its path to recovery RINL, the corporate entity of Vizag Steel plant has started off the new fiscal 2018-19 with a bang posting significant growth both in Production and Sales.
The Saleable Steel production has grown by 25% for the months of April and May 2018 compared to the corresponding period last year.
With an increase in saleable steel volumes, the company is adopting a multi-mode transport system with and an end to end logistics support. It is also enhancing its coastal shipping to further scale up its dispatches to various destinations in the country.
Vizag steel plant, which had a rough run for the last couple of years, is set to maintain this growth rate throughout the fiscal. In the wake of rising raw material prices, the focus of the company is said to be on cost optimization & revenue maximization through sale of high end value added products. The company is confident of coming out of the red this fiscal.
During the tenure of the outgoing CMD Mr P Madhusudan, the company had achieved sales turnover of Rs 16,500 crores wherein the saleable steel production had touched to 4.5 million tonne for the first time. Mr Madhusudan had shown confidence that the company would touch Rs 100 crores net profit in this fiscal.
Mr PK Rath Director, Operations who is slated to take over as the CMD of RINL had earlier stated that the company was targeted to produce 6 million tonne of liquid steel and 5.5 million tonne of saleable steel during the fiscal 2018-19.
India has become the second largest steel producing country. In the financial year 2017-18, India produced more than 100 million tonnes of steel.