Comments
The Visakhapatnam steel plant (Rashtriya Ispat Nigam Ltd) has incurred a net loss of ₹1,421 crore during 2015-16, according to a press release.
It was stated by RINL Chairman and Managing Director P Madhusudan at the 34th annual general meeting of the company here on Thursday.
The company has achieved a sales turnover of ₹12,271 crore, recording a growth of 5 per cent in value and 39 per cent in volume over the last year.
Due to low steel prices, the net realisation was 24 per cent lower than the previous year, severely affecting the finance, resulting in a net loss of ₹1,421 crore, he explained.
Expansion, modernisation The CMD said the company had completed its expansion to 6.3 mtpa of liquid steel in 2015-16 and taken up modernisation of the existing assets, which will increase its capacity to 7.3 mtpa.
With efforts focussed on stabilisation of new units, the plant is set to register significant growth in production in the years to come.
He said the RINL was continuously focusing on improving operational efficiencies such as labour productivity, coke rate, PCI Rate, and specific energy consumption through ramp-up of production from expansion units and stabilisation of modernised units.
These steps would significantly improve the performance of the company.
Mahabir Prasad, Director, Union Ministry of Steel (MOS), attended the AGM as nominee of the President of India.
sarma.rs@thehindu.co.in
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.