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RINL registers good results in production, says CMD
Chairman cum Managing Director of RINL-Visakhapatnam Steel Plant P Madhusudan said that though one of the blast furnaces was shut down last year for modernisation, the company has registered an excellent production results in 2016-17.
Visakhapatnam: Chairman cum Managing Director of RINL-Visakhapatnam Steel Plant P Madhusudan said that though one of the blast furnaces was shut down last year for modernisation, the company has registered an excellent production results in 2016-17.
The CMD of RINL informed that the company 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. The company achieved sales turnover of Rs 12,706 crore with a growth of four per cent in the last fiscal, he added.
The 35th annual general body meeting of Rashtriya Ispat Nigam Limited (RINL) chaired by CMD P Madhusudan was held here on Wednesday. Addressing the shareholders, the CMD said that 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 focussing 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. Various strategic initiatives being pursued would place the company in good stead in the coming years,” Madhusudan explained.
