RINL targets 4.1 mt steel production in 2015-16

State-owned Rashtriya Ispat Nigam Ltd (RINL) on Saturday said it has targeted production output of 4.1 million tonne (mt) of saleable steel in the ongoing fiscal and would further ramp up the production to 6.5 mt for 2016-17.

"The centre has targeted producing 300 mt of steel each year by 2025. To achieve this, we are gradually ramping up our production capacity and undertaking modernizsation measures", the company's chairman and managing director P. Madhusudan told media persons here.

He was attending an interactive session with members of the MCC Chamber of Commerce and Industry here.

"By the end of the fiscal year 2017, we'll reach a liquid steel production capacity of 7.3 mt and will raise our capacity further," he said.

The company, popularly known as Vizag Steel, will be modernising one of its blast furnace soon and adding up another two.

Madhusudan said the temporary halt in production in one of its furnaces on account of modernisation will not affect production.

"Technology will be a key differentiator in the years to come," he said.

He also said RINL is not in need of any additional capital at present in its efforts to either increase production or modernise its facilities.

The firm's present debt is Rs.2,500 crore while its capex stands at Rs.12,000 crore.