The Rashtriya Ispat Nigam Limited (RINL) has registered growth of 3 per cent during 2014-15 in steel production despite the havoc caused by Hudhud cyclone.

It was stated at the Annual General Meeting (AGM) of the RINL here on Tuesday which was chaired P. Madhusudan, the CMD.

In his address, the CMD said after Hudhud the plant operations could be normalised in the quickest possible time and the growth momentum could be resumed during December 2014-March 2015.

The 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 longs steel producer was severely affected, with the margins and profits declining sharply in H2.

The company registered a turnover of Rs 11,665 cr with a PAT of Rs 62 cr during the year. The company achieved exports of Rs 865 cr, the highest since inception with a growth of 16 per cent. Other notable achievements during the fiscal include completion of the 6.3 mtpa expansion, modernization of one of the Blast Furnaces (BF-1), completion of 20.6 MW Waste Heat Recovery Power Generation Unit of Sinter Machine, the first of its kind in the country and introduction of ERP system.

During the fiscal, the company redeemed Rs 550 cr towards preferential share capital taking the total redemption to Rs 2,637 cr.

The company paid an interim dividend of Rs. 14 cr and Rs.11.35 cr on preference shares and ordinary equity Shares respectively to the Govt. of India. The total dividend pay-out is 40.64 per cent (previous FY 25.28 per cent) of PAT.

Madhusudan thanked all the Stakeholders and all partners for their continued support and cooperation.

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