Companies

RINL posts record turnover of Rs 11,556 cr

Visakhapatnam | Updated on April 01, 2011

Mr P. K. Bishnoi.

The performance of Visakhapatnam steel plant (Rashtriya Ispat Nigam Ltd ) has been excellent during the financial year (2010-11), and all the staff and officers as well as the unions need to be congratulated for the achievement, according to Mr P. K. Bishnoi, Chairman and Managing Director.

He was addressing senior officials and union leaders at a meeting in the plant on Friday. He complimented the VSP collective for “the excellent performance” during the financial year, and thanked the union leaders for taking up the issue of captive iron ore mines with the State and Union Government.

Mr Bishnoi stressed the need to commission the expansion units and operate them at near rated capacity at the earliest to realise the investments made. He also emphasised the need to be more vigilant and transparent and complimented the vigilance department for carrying out studies for further improvement.

During 2010-11, RINL-VSP made a record turnover of Rs 11,556 crore, the best since inception and a growth of 8 per cent over the previous year, despite sluggishness in the first six months, with prices hovering below March 2010 levels.

“Growth in steel consumption has a greater meaning and under the rural dealership scheme, a new initiative, 111 rural dealers have been appointed,” the CMD said. All the major production units surpassed their rated capacities, even though the unprecedented rains during November caused much inconvenience. The production of hot metal was 3.828 million tonnes, liquid steel 3.425 million tonnes and saleable steel 3.072 million tonnes.

Expansion project

The expansion project to double the capacity of the plant to 6.3 million tonnes was proceeding smoothly, he said. Commendable progress had been made during the financial year for commissioning the new units. The RINL took a very significant step during the year for raw material security by acquiring a controlling stake in the BIRD group of companies. A memorandum of understanding was signed with the Railways for setting up an axle plant at New Jalpaiguri in West Bengal, the CMD added.

On the whole, he concluded, it was a satisfying year for the RINL.

Published on April 01, 2011

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