VSP clocks 11,405-cr turnover in Apr-Dec

Hyderabad: Rashtriya Ispat Nigam Ltd (RINL), the corporate entity of Visakhapatnam Steel Plant (VSP), registered Rs11,405-cr turnover during April-December of 2017. This is 30 per cent rise over previous corresponding period, said a release from the Navaratna PSU. The public-sector major is also confident of achieving the best ever performance during the last quarter of the 2017-18 fiscal as it already registered growth in all areas of operations.

P Madhusudan, CMD at RINL-Visakhapatnam Steel Plant, said: “The year 2017 saw completion of expansion, modernisation and taking the capacity to 7.3 MTPA and stressed the need to enhance the volumes to improve the bottom-line. RINL is the corporate entity of Visakhapatnam Steel Plant. RINL achieved gross margin and there were no borrowings during November and December, indicating that RINL is all set to record best ever performance during the last quarter of the current fiscal.”

The hot metal production during the period grew 13 per cent to 3.65 million tonne (MT) over the April-December 2016. The production of liquid steel at 3.54 MT was 15 per cent more compared to the output in the year-ago period. The output of saleable steel rose 15 per cent to 3.19 MT and labour productivity registered 16 per cent growth.

The CMD has commended the marketing department for achieving a sales volume of one MT during November and December and a turnover of over Rs2,000 crore in December and exhorted them to tailor the marketing strategies to increase the Net Sales Realisation (NSR).

In October 2017, RINL had unveiled plans to produce one million tonne of special steel during 2017-18 with an eye on higher market share in the segment. CMD further said that “there is a growing market for value-added steel in India and RINL has already introduced new technologies in mills. Strategies have been drawn up accordingly to improve market share in the special steel segment.”