RINL records Rs 2,612 cr business in August- The New Indian Express

By Express News Service

VISAKHAPATNAM: On the production front, the Rashtriya Ispat Nigam Limited (RINL), the corporate entity of Visakhapatnam Steel Plant (VSP), has continued its stellar performance. The steel giant has achieved the best ever performance in August since its inception by producing 5 lakh tonnes of hot metal, 4.47 lakh tonnes of crude steel and 4.43 lakh tonnes of saleable steel. 

The RINL has achieved the record production at a time when the Centre is planning to disinvest its stake in the plant and VSP staff are on agitational path against its privatisation. The RINL has recorded the best ever sales turnover of Rs 2,612 crore in August. This is the third best turnover for a month in a year.

The RINL has registered a growth of 53% in domestic sale of saleable steel volume, which stood at 3.48 lakh tonnes as against 2.27 lakh tonnes in corresponding period last fiscal. Similarly, exports have also registered a growth of 39% with the saleable steel stood at 1.51 lakh tonnes in August as against 1.09 lakh tonnes in the corresponding month last year.

Speaking to TNIE on Sunday, VSP recognised union president J Ayodhya Ram said the steel plant has come out of difficult times and started making a turnaround. The plant which achieved Rs 1,253 crore operational profit last financial year, has earned an operational profit of around Rs 750 crore till now.

“The RINL has already achieved Rs 10,500 crore sales turnover till now against the annual target of Rs 25,000 crore. If the NMDC ensures supply of 10 million tonnes of raw material to the RINL at a fixed price, it can achieve overall profits, besides reaching Rs 30,000 crore annual sales turnover,” he asserted. 

He reiterated that national assets like VSP should continue under the public sector as it is poised for growth. Ayodhya Ram, who is also the convener of Visakha Ukku Parirakshana Porata Committee, which is spearheading the agitation against privatisation of the plant, said a huge rally with thousands of displaced persons will be taken out from Pedagantyada to Old Gajuwaka on September 12, where a public meeting will be held. The same day evening, a round table on ‘Visakhapatnam Steel Plant – Social Justice’ will be organised.

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