RINL aims to increase steel production to 7.3 MTPA

Currently, steel maker produces 3 MT

State-run steel major Rashtriya Ispat Nigam Limited expects to achieve a production capacity of 7.3 million tonnes per annum (MTPA) in the next 18 to 20 months, a top company official has said.

At present, the steel maker is producing 3 million tonnes, which will be scaled up to 6.3 million tonnes by the end of the ongoing fiscal.

Addressing the company's Annual General Meeting here today, Rashtriya Ispat Nigam Limited CMD A P Choudhary said the company has registered a profit after tax (PAT) of Rs 353 crore for the year 2012-13, with a turnover of Rs 13,553 crore.

"He (Choudhary) also mentioned that the company is moving ahead in capacity building and is all set to achieve 7.3 MTPA progressively within the next 18-20 months," a press release said.

"Input costs, especially basic raw materials like iron-ore and ferro-alloys have adversely affected the bottom-line growth. Further, the depreciation in rupee against dollar has had its adverse impact," it said.