RINL sees substantial growth in production this fiscal

State-run Rashtriya Ispat Nigam Ltd (RINL) expects substantial growth in production, including from expansion units, in 2017-18 amid a favourable demand outlook.
"P Madhusudan, CMD, RINL commended the VSP collective for the achievements and expressed confidence that in the current financial year there will be substantial growth in production including from expansion units," steel ministry said in a statement.
RINL's Visakhapatnam steel plant (VSP) recorded an impressive performance in all fronts of its operations and sales in the just concluded financial year 2016-17, it said.
Despite sluggishness in infrastructure and construction sectors, RINL turnover grew by four per cent at Rs 12,781 crores against CPLY (corresponding period last year) of Rs 12,281 crore. This includes exports of Rs 1,048 crores during the 2016-17. All the marketing regions registered growth during the year.

In production, VSP achieved a growth of 11 per cent in hot metal production, 10 per cent in liquid Steel, 16 per cent in finished steel and 10 per cent in saleable steel production during 2016-17.
Madhusudan said that the Union Budget 2017-18 points to a favourable demand outlook for the steel sector and the government's thrust on infrastructure and affordable housing would spur the demand for steel consumption in the country.

"RINL achieved a sales volume of 5.77 lakh tonnes during March'17, representing a growth of 27 per cent and a turnover of Rs 2,205 crore, up by 44 per cent when compared to March'16," it said.

In tune with the government's policy to increase the consumption of steel in rural areas, RINL increased its rural dealership from 235 to 417, representing a growth of 77 per cent.
RINL has given an impetus to value added steel production to cater to the growing demand of domestic steel with a view towards customised products. Another notable initiative of RINL is successful implementation of e-tender in both Ocean and Nepal exports in place of mutual bidding by the bidders that increased the customer base.