Vizag Steel production up 12% in H1; exports highest-ever

The Visakhapatnam Steel Plant (VSP) registered a growth of 12 per cent in finished steel, while the value added steel grew 11 per cent in the first half (H1) of the current fiscal when compared with the same period last year.

Total sales during the period stood at 1.3 million tonne, showing a 16 per cent growth as against the same period last year. Despite continued sluggishness during the current year affecting sales realisation, the company would surpass the previous year's sales turnover of Rs 5,789 crore, according to a press release.

Exports in H1 were the highest since inception at Rs 348 crore, showing a growth of 63 per cent. The company took advantage of depreciation of rupee by maximising exports and similar efforts were on to maximise exports during the second half of the year (H2).

Special steel sales and wire rod sales grew 16 per cent and 63 per cent respectively. Seven new branches were also getting stabilised to strengthen marketing network in different regions of the country, the release added.

To meet the additional requirement of power generation, VSP has maximised its captive power generation by achieving a growth of 9 per cent during H1. The new units of 67.5 Mw using blast furnace gas and partly coal and 20.6 Mw using only waste heat from sinter plant would become operational in the third quarter of the current financial year.