RINL posts 25% growth in FY14 turnover

Company clocked 4% expansion in the production of liquid steel (3.4 million tons) and saleable steel

Rashtriya Ispat Nigam Ltd (RINL), the corporate entity of Visakhapatnam Steel Plant (VSP), posted a 25% growth in sales turnover at Rs 13,527 crore in FY14 despite sluggish market conditions.

The company registered a sales turnover of Rs 13,527 crore, including exports of Rs 750 crore, in the just ended financial year, a growth of 25% over the last fiscal, RINL Chairman and Managing Director P Madhusudan said today.

The state-run steel maker achieved a "creditable performance" in 2013-14 despite sluggish market conditions, he said.

RINL clocked 4% expansion in the production of liquid steel (3.4 million tons) and saleable steel (3.01 million tons).

Ramping up production from new units is the main challenge for RINL in 2014-15. Cost control is also an important factor and there is an urgent need to spread the cost consciousness across the organisation, Madhusudan said.