RINL's sales volume, exports grow in August

PSU firm sold 306,000 tonnes os steel in August, up 50% over July; exports at Rs 176 cr up 46% y-o-y

Rashtriya Ispat Nigam Ltd (RINL), the corporate entity of Visakhapatnam Steel Plant, has reported growth in sales volume and exports for August.

Sales volume of 306,000 tonnes during August was up by 50 per cent over the previous month, according to an official release.

Exports of Rs 176 crore in August represented a growth of 46 per cent over corresponding period last year.

Production of coke, liquid steel from SMS-2, cast bloom and wire rod in August registered growth over the corresponding period last year.

The cumulative sales volume of 1.24 million tonnes recorded a growth of 27 per cent over same period last year.

The sales turnover stood at Rs 4,524 crore during the first five months, with exports of Rs 699 crore.

Export sales clocked a growth of 82 per cent and special steel and wire rod sales recorded a growth of 12 per cent and 46 per cent respectively.

RINL's Chairman and Managing Director P Madhusudan observed that the steel consumption is likely to grow with the government's announcement of 'Smart City Mission' and other initiatives which are expected to revive the investment cycle and growth.

The main focus area of the company is to increase productivity and garner benefits through modernisation programmes and early stabilisation of expanded units, he added.