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The RINL-Visakhapatnam Steel Plant has achieved a turnaround, posting an operating profit of Rs 332 crore during 2017-18, and its prospects for the current financial year are bright, according to Chairman and Managing Director, P. Raychaudhury.
He was speaking in the plant after hoisting the National Flag on the occasion of Independence Day. Addressing the employees and their family members, Raychaudhury said the Indian economy had started stabilising from the impact of demonetisation and implementation of GST, which would stimulate steel demand.
The major steel consumption segments such as construction, capital goods, automobiles and energy were set to benefit and contribute to a favourable outlook for the steel industry, he added.
He said the RINL had registered a turnaround in the first quarter of the current fiscal, posting a net profit, and providing the desired momentum to move from strength to strength in 2018-19.
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