The Hindu Business Line : RINL posts Rs 521-cr profit

VISAKHAPATNAM: The Rashtriya Ispat Nigam Ltd (Vizag steel plant) is on the growth path after achieving a turnaround during the last financial year and its performance during the current year is very satisfactory, Mr B.K Panda, the Chairman and Managing Director, has said.

He presided over the annual general meeting here on Thursday. The audited accounts for 2002-2003 were adopted at the meeting. During the year, the plant achieved a net profit of Rs 520.69 crore during the year on a turnover of Rs 5,058 crore, of which the domestic sales accounted for Rs 4,458 crore. The rest were through exports.

Mr T.V.A. Ram, Under Secretary, the Ministry of Steel, participated in the meeting along with Mr C. Appa Rao, the Director, Personnel and Finance, Mr Y. Siva Sagar Rao, Director (Commercial), and Mr C. Siva Prasad, Executive Director (F&A).

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