RINL's Apr-Dec turnover zooms to Rs 114 bn

Last year in October, RINL had unveiled plans to produce 1 million tonnes of special steel during 2017-18 with an eye on higher market share in the segment

Rashtriya Ispat Nigam Ltd(RINL) registered a growth in all areas of operations including the turnover which stood at Rs 114 billion during April-December of 2017, the PSU said.

Besides, RINL is all set to record best ever performance during the last quarter of the current fiscal, according a statement issued by the company.

The company's April-December turnover was at Rs 114 billion, a rise of 30 per cent over corresponding period last year. The hot metal production during the said period grew 13 per cent to 3.65 million tonne (MT) over the same period last year, it said.

The production of liquid steel at 3.54 MT was 15 per cent more compared to the output in the year-ago period. The output of saleable steel rose 15 per cent to 3.19 MT and labour productivity registered 16 per cent growth.

RINL-Visakhapatnam Steel Plant CMD P Madhusudan said the year 2017 saw completion of expansion, modernisation and taking the capacity to 7.3 MTPA and stressed the need to enhance the volumes to improve the bottom-line.

RINL is the corporate entity of Visakhapatnam Steel Plant.

Madhusudan further said RINL achieved gross margin and there were no borrowings during November and December, indicating that RINL is all set to record best ever performance during the last quarter of the current fiscal.

He commended the marketing department for achieving a sales volume of 1 MT during November and December and a turnover of over Rs 20 billion in December and exhorted them to tailor the marketing strategies to increase the Net Sales Realisation (NSR).

Last year in October, RINL had unveiled plans to produce 1 million tonne of special steel during 2017-18 with an eye on higher market share in the segment.

There is a growing market for value-added steel in India and RINL has already introduced new technologies in mills, the CMD had said adding that strategies have been drawn up accordingly to improve market share in the special steel segment.