RINL logs in impressive Q1 growth
Visakhapatnam: RINL, which operates Visakhapatnam Steel Plant, has registered an impressive growth of 14 per cent in finished steel production and...
Visakhapatnam: RINL, which operates Visakhapatnam Steel Plant, has registered an impressive growth of 14 per cent in finished steel production and seven per cent upswing in captive generation during the first quarter ended on June 30, 2013. The impressive performance which drew appreciation for Union Minister of Steel Beni Prasad Verma helped the company to record significant growth on many other fronts despite the power restrictions. The production of value added steel which accounts for 80 per cent of steel sales also registered 17 per cent growth. Despite sluggish market conditions, the RINL sold 5.5 lakh tonnes of products registering 13 per cent. The proportion of special steel sales in the total saleable steel stood at 82 per cent during the quarter, compared to 77 per cent during the corresponding period last year. The focus on the rural marketing network has helped in enhancing the number of rural dealers to over 600 currently. The company also posted impressive growth during June with iron and steel production growing up by 29 per cent, captive power generation by 16 per cent and value added steel sales by 21 per cent. The hot metal production has hit the peak with new blast furnace touching 1.4 million tonnes. The new sinter plant, commissioned in June, will further help in stepping up the production from the new blast furnace. In its effort to enhance the captive power generation, boiler-6 was commissioned in the month. The company is expected to close its bottom line on an even note, despite its margins being severely impacted due to poor market conditions.