Andhra Pradesh: Rashtriya Ispat Nigam Limited records growth in major areas
Visakhapatnam: The 35th annual general meeting of Rashtriya Ispat Nigam Limited (RINL), the Navratna PSU, was held on Wednesday in Vizag.
CMD of RINL P. Madhusudan said that RINL has recorded growth in all major areas of production during 2016-17, with a growth of 11 per cent in hot metal; 10 per cent in saleable steel; and 17 per cent in finished steel, although one of the blast furnaces was under shutdown during the year for modernisation.
The company achieved a sales turnover of Rs12,706 crore with a growth of 4 per cent over the previous year.
The sudden spurt in the prices of imported coking coal by more than 200 per cent during the year impacted the margins of the company.
However, with the increase in volumes and cost reduction measures, the loss in gross margin could be limited to Rs 264 crore from Rs 660 crore in the previous year.
The company is continuously focusing on improving the operational efficiencies such as labour productivity, coke rate, PCI rate, specific energy consumption and all are set to improve further with ramp-up of production from expansion units and stabilisation of modernisation units. These along with enhanced Value Added steel would significantly improve the overall performance of the company. Further, the various strategic initiatives being pursued would place the company in good stead in the coming years.
