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Thursday, Nov 25, 2004

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Steel Secretary lauds VSP

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Visakhapatnam , Nov. 24

THE Visakhapatnam Steel Plant has come a long way and emerged as one of the finest steel companies in the country, said the Union Steel Secretary, Dr Manoranjan.

He was speaking at the steel plant on Wednesday after releasing the corporate plan of Rashtriya Ispat Nigam Ltd (RINL). He said that the plant could reach the level of 3.51 million tonnes (mt) during 2003-2004 against its rated capacity of 3 mt. The company had also become debt-free, he said.

He praised the workforce and the officials for the turnaround of the company. The estimated cost of expansion will be Rs 20,000 crore.

A number of strategic initiatives to improve the functioning of the company have been outlined in the plan document, he said. M.N Dastur & Co has been appointed to prepare alternative plans for expansion, if natural gas from Krishna-Godavari basin is not available on time.

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