RINL records 16% growth in sales volume in H1

Rashtriya Ispat Nigam Ltd (RINL), the corporate entity of Vizag Steel, today said the company has recorded growth of 16% with total sales volume of 1.3 million tonnes during the first six months of this fiscal.

"Market continued to be sluggish during the current year affecting sales realisation, however, with higher sales volume, RINL could surpass the (corresponding period last year) CPLY performance in turn over on its sales of Rs 5,789 crore," RINL said in a statement.

The exports in first half of the year were highest since inception at Rs 348 crore, registering a growth of 63% over last year, while the steel maker has taken advantage of depreciation of Rupee by maximising exports and similar efforts are on to maximise exports during H2 also, it said.

Seven new branches are also getting stabilised to strengthen marketing network in different regions of the country, it added.

The company registered a growth of 12% in finished steel production in H1 compared to the corresponding period last year and the production of value added steel increased by 11%.

"Under expansion Sinter Plant-3 got commenced in current year and started producing Sinter and with this Blast Furnace-3 which was commissioned last year will reach to rated capacity within few months. The commissioning of new Steel Melt Shop (SMS) has already commenced and heats are planned to be taken from October-13," RINL said.