Impact Hudhud on RINL's profitability is Rs 350 cr

Cyclone Hudhud's impact on state-run steel maker RINL's profitability is about Rs 350 crore, Parliament was informed today.
"The preliminary estimate of impact of physical damage of property, loss of production and consequential loss of profits is about Rs 350 crore," Minister of State for Mines and Steel Vishnu Deo Sai said in a written reply in Lok Sabha.
"However, provisional claim for damages to property was lodged with the insurance company and the claim for loss of profits is being worked out," he added.
Cyclone Hudhud hit Andhra Prdeash on October 12, leading to stop of production in Rashtriya Ispat Nigam's lone facility at Visakhapatnam due to failure of power supply.

"..The matter was taken up with the Government of Andhra Pradesh for restoration of power supply to the Visakhapatnam steel plant and the same was restored in the early hours of October 16, 2014," Sai said.
All the units have been brought back into operation in a phased manner, he added.
To a different question, he said there was no definite information on whether the prices of any particular mineral are increasing constantly due to hike in royalty rates.
"The sale price of minerals is totally determined by market forces of supply and demand," Sai said.