The steel industry which is presently going through a slump is looking at ways to tide over the current market scenario.
As sales have plummeted, production costs remain high with input raw material prices remaining firm.
It is stated that finished steel goods process have fallen by around 20%.
Despite this RINL, a 100% Long Product Company is implementing aggressive marketing policies to step up its sales and also to reach niche markets through its 24 Marketing Branch Offices spread across the country.
‘‘Forged Wheel Plant to be commissioned by Oct 2019’’
RINL CMD, Mr PK Rath stated that he is hopeful of the industry overcoming this lacklustre market wherein recovery is due shortly.
This he stated would be possible due to the government initiatives of infusing huge spending of several lakh crores on infrastructure projects, development of smart cities, highway developments, railway projects etc. The sops announced by Government to stimulate the economy will further boost the steel market said Mr Rath.
Steel @ Lowest Cost
The CMD opined that producing steel at lowest cost is the need of the hourand is a prime requisite for sustainable growth. He said that RINL has adopted cost cutting measures, which are yielding encouraging results.
‘To be globally competitive, RINL has been adopting cost improvement technologies, optimization of usage of raw materials and reduction in greenhouse gases emissions etc.’ said the CMD. RINL is also giving an impetus to Special Steel production which caters to the needs of Railways, Automobile sector, Engineering forging and Fasteners segment etc.
In addition to producing steel for the Construction and fabrication sector through its state of the art high speed finishing mills, efforts are also being put for producing Customized Special Steel like:
Spring Steel for Electric Railway Clips (ERC),· Wire Rods in High Carbon grade for PC applications for manufacturing of Sleepers
Medium Carbon Rounds, Blooms for various Forging applications in Auto Sector and Engineering segments Cold heading Quality for Fasteners segment yielding good returns.
In another first for RINL 430 MM Rounds are rolled in the plant for Flange applications, precious Forging and Railway Wheel applications to cater to the market in Northern and Western India.
It is expected that with the new initiation of Government like the BharatmalaProejct, the massive roadways project for connecting India, the Sagarmala project, the Port Development Project, affordable housing scheme, as part of housing for all, airport modernization in the mega cities, creation and up-gradation of minor airports there will be ample scope to increase the overall steel consumption and this will definitely augur well for steel industry to recover soon.