Jindal Steel & Power (JSP) has entered into an MoU with Rashtriya Ispat Nigam Limited (RINL) for the operationalisation of RINL’s third Blast Furnace-3 (BF-3).
The furnace, set to be lit up on December 30, 2023, will boost production by 2 lakh tonnes of hot metal per month, JSPL said in a notice to the bourses.
The blast furnace BF-3 at the RINL plant in Visakhapatnam has been closed since January 2021.
The tie-up with RINL will release additional liquid steel for slab casting and onward rolling into Hot Rolled Coils from JSP’s upcoming state-of-the-art Hot Strip Mill at Angul, which is slated for commissioning soon.
“We extend our heartfelt congratulations and best wishes to the management and employees of RINL for embarking on this partnership based on a win-win relationship that also adds substantial value to the exchequer,” said Bimlendra Jha, Managing Director of Jindal Steel & Power, in a statement released by the company.
JSPL ramped up the capacity of its plant in Angul, Odisha, to 11.6 million tonnes per annum (MTPA) from the existing 5.6 MTPA.
RINL, under the Ministry of Steel, is among the top six steel manufacturing companies in India. It operates three blast furnaces, each with a capacity of 2.5 million tonnes (MT), at its plant in Visakhapatnam, Andhra Pradesh. The company has been hit by a bevy of financial troubles, including mounting losses and high debts.