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Visakhapatnam Steel Plant - Rashtriya Ispat Nigam Ltd (RINL) - is set to commission its forged wheel plant project at Rai Bareilly in Uttar Pradesh by September, according to Chairman and Managing Director, P.K. Rath.
At a media conference here on Friday, he said the steel alloy plant would supply wheels to the Indian Railways and it would result in import substitution. He said the steel plant (RINL) would also shortly sign an MoU with KIOCL (Kudremukh Iron Ore Limited, Karnataka) to set up a pellet plant here.
He said RINL was supplying steel to the mega Polavaram project, being built on the Godavari at Polavaram in West Godavari district in Andhra Pradesh and also to other projects in the country, including the Statue of Unity in Gujarat in memory of Sardar Patel, the Rohtang tunnel and metro rail projects in different parts of the country.
He said the steel plant was expecting to end the financial year with a record turnover of Rs 20,500 crore, representing 9 per cent growth over the corresponding period last year, and a gross margin of Rs 1,770 crore against Rs 254 crore last year.
Rath said there would be no water problem for the steel plant this summer, as the Kanithi reservoir no 2. can store more water now.
He said there would be significant growth in all major areas of production - hot metal (13 per cent), finished steel (10 per cent), saleable steel (11 per cent) and value-added steel (34 per cent).
He said the steel plant was ready to produce 7.3 million tonnes of steel and the expansion and modernisation of the plant.
In response to a question about the functioning of the third blast furnace in the steel plant, he said there was a minor operational problem and it had been sorted out.
Rath said the steel plant was spending Rs 9 crore on corporate social responsibility (CSR) activities during the year. Regarding the sales network of the steel plant, he said it had set up 23 branches so far, the latest being the one at Indore.
In response to a question about captive iron ore mines, he said efforts were on operationalise some mines in Odisha and also some in Andhra Pradesh.
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