In spite of the impact of Covid-19 disruptions during the year, Rashtriya Ispat Nigam Ltd (RINL)/VSP achieved a sales turnover of ₹17,980 crore, up 14 per cent over the previous year.

The company reduced the net loss (PAT) to ₹789 crore as compared to a net loss (PAT) of ₹3,910 crore in the previous year.

Addressing shareholders at the 39th AGM (FY 2020-21) of RINL, Atul Bhatt, CMD, said, the inventory of steel could be reduced during the year by increasing exports to 1.308 mt from 0.497 mt in the previous year. With the gradual unlocking of economic activity in the country, production was stepped up by reverting to operation of three blast furnaces since November 2020.

With the commissioning of a Coke Oven Battery-5 also in December 20, production levels attained new highs. With an improvement in market conditions at the same time, the company has achieved Profit after Tax (PAT) since December 2020, he added.

For the year, the company achieved a positive EBITDA of ₹1,400 crore, as against a negative EBITDA of ₹1,499 crore in the previous year.

The Techno Economic parameters during the year were affected due to curtailed operations. However, the company achieved an improvement in two major areas of cost, Iron Ore and Coal. The usage of Iron Ore Slimes as a replacement of Iron Ore Fines was increased to 24 per cent from 9 per cent in the previous year. Pulverised Coal Injection was increased to 98.2 Kg/tHM from 97.2 Kg/tHM in the previous year. Sales of high end value added steel increased to 24 per cent of domestic sales during the year from 20 per cent in the previous year.