RINL aims to produce 6.4 MT of liquid steel; 5.8 MT of saleable metal in FY20

State-run Rashtriya Ispat Nigam Ltd is eyeing to produce 6.4 million tonne of liquid steel and 5.8 million tonne of saleable metal in the financial year 2019-20, a company official said.

The public sector undertaking (PSU) will be signing a Memorandum of Understanding (MoU) in this regard, with its administrative ministry -- Ministry of Steel -- likely by the first week of June, the official said.

"The MoU is in the final stages and is expected to be signed next week or so. The target for liquid steel and saleable steel for financial year 2019-20 would be around 6.4 million tonne (MT) and 5.8 MT, respectively," the official said.

For the year 2018-19, Rashtriya Ispat Nigam Ltd (RINL) had a target to produce 6.1 MT of liquid metal but could only produce around 5.5 MT. The state-run firm produced 5 MT of saleable steel against the target of 5.5 MT.

The pact will be signed between Secretary, Ministry of Steel, Binoy Kumar and RINL Chairman and Managing Director P K Rath.

Every PSU on an annual basis sets targets for the fiscal and enters into a pact with the concerned administrative ministry in this regard.

For the current fiscal, RINL is targeting a turnover of Rs 25,000 crore compared to Rs 20,844 crore in 2018-19, its CMD had last month said.

RINL, corporate entity of Visakhapatnam Steel Plant, produces special steel, including wire rod coils, rounds and billets of different grade and dimensions.