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RINL to achieve 7.3 mn tonne capacity soon
The much awaited expansion of RINL, the corporate entity of Visakhapatnam Steel Plant, is nearing completion and is likely to yield results by end of the financial year 2014-15, according to RINL MD, P Madhusudan.
Visakhapatnam: The much awaited expansion of RINL, the corporate entity of Visakhapatnam Steel Plant, is nearing completion and is likely to yield results by end of the financial year 2014-15, according to RINL MD, P Madhusudan. With this, the company is likely to move ahead in achieving the production of 7.3 mn tonne liquid steel, he said while addressing the 32nd Annual General Meeting of RINL, held here on Sunday evening. Madhusudan revealed that RINL has registered a PAT of Rs 366 cr for the year 2013-14 as against Rs 353 cr of previous year and explained that lower revenue from operations of Rs 13,431 cr was due to sluggish market conditions, increase in input costs, especially basic raw materials. Further, the depreciation in rupee against dollar impacted adversely as compared to previous year. “Even this achievement in the present economic conditions was a tough task indeed and the initiatives taken by the company facilitated in achieving this level,” he said.
