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RINL set to clock highest ever turnover of INR 15,000 crore

Steel News - Published on Tue, 02 Jan 2018

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Rashtriya Ispat Nigam Limited, the corporate entity of Visakhapatnam Steel Plant the largest unit in Andhra Pradesh is all set to achieve an all-time high turnover of INR 15,000 crore and narrow down its net losses (between INR 900 crore and INR 1,000 crore) during 2017-18. The improvement in performance is attributed to the market showing signs of recovery during the last quarter of the current fiscal. RINL company had clocked a turnover of INR 12,781 crore and a net loss of INR 1,236 crore during 2016-17.

After recording net profit continuously from 2002-03 to 2014-15, it registered a net loss of INR 1,421 crore during 2015-16 due to a variety of factors such as prolonged slump and flooding of cheap steel in the market by Chinese manufacturers.

A senior official of the company told The Hindu that “Despite upward revision in the price three times at the rate of INR 500 to INR 4,000 per tonne during December owing to increase in international prices of coking coal and jacking up of price of iron ore by the National Mineral Development Corporation, the main source of raw material for RINL, we will achieve a sales volume of around 5 lakh tonnes as against 4.12 lakh tonnes during the current month.”

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Posted By : Rabi Wangkhem on Tue, 02 Jan 2018
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