RINL aims Rs 18K cr turnover in FY19

RINL, also known as Vizag Steel, is expecting to garner Rs 18,000 crore turnover in the current fiscal, a top company official has said.

Rashtriya Ispat Nigam Ltd (RINL) is the second largest steel-making company in the public sector.

The company aims to achieve a turnover of over Rs 18,000 crore in 2018-19, RINL Chairman and Managing Director (CMD) P Madhusudan has said in a statement.

The company's turnover in 2017-18 fiscal stood at Rs 16,625 crore.

Explaining further, the CMD said the company is targeting saleable steel output of 5.7 million tonnes (MT) in the ongoing fiscal.

In 2017-18, the company's saleable steel output was at 4.5 MT.

The company posted an EBIDTA of over Rs 200 crore (provisional) during 2017-18, the CMD said.

RINL, he said, is targeting hot metal production of 6.4 MT and liquid steel output of 6.3 MT this fiscal.

Last month, the company had said that it was expecting to be back in the black in 2018-19 after a gap of three years.

RINL produces special steel, including wire rod coils, rounds, billets of different grade and dimensions.