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The Rashtriya Ispat Nigam Limited (RINL), also known as the Visakhapatnam Steel Plant has achieved a record turnover of Rs 20,844 crores during 2018-19, according to a press release.
PK Rath, the Chairman and Managing Director (MD), said that during the year the company had registered an impressive growth of 25 per cent over last year's turnover of Rs 16,625 crores. He congratulated the RINL-VSP collective "for the excellent performance in all areas of operations."
He was addressing senior officers of the company in Ukkunagaram on Monday. He said the company had achieved 5.77 million tons (MT) of hot metal production, 5.52 MT of liquid steel and 5 MT of saleable steel, representing growth of 12 per cent, 11 per cent and 11 per cent respectively. The company also achieved growth of 13 per cent in power generation and 8 per cent in labour productivity.
Rath said that RINL had achieved a gross margin of Rs 1700 crores during the year, growth of 400 per cent over CPLY. He called upon the employees for further ramping up of production and increase in pulverised coal injection (PCI) in all the blast furnaces to reduce the cost of production. He said the coke oven battery-5, forged wheel plant at Rae Bareli in Uttar Pradesh , and twin ladle furnace are ready for commissioning in the first half of the current year. He expressed confidence that RINL would achieve a very good performance during 2019-20 too.
RINL also achieved a 22 per cent growth in production of high-end, value-added steel, development of niche products, 22 mm spring steel for the Indian Railways and spring steel flats for automobiles. The RINL also commenced international operations at Colombo. Vizag steel products are being supplied to national projects like Polavaram, Statue of Unity, Rohtang Tunnel, Metro Rail Projects and construction of AP capital – Amaravati.
RINL is projected to achieve production of 6.5 million tons of hot metal, 6.4 million tons of liquid steel and 5.8 million tons of saleable steel and a turnover of about Rs 25,000 crores during FY 2019-20.
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