Visakhapatnam: RINL sales turnover reaches Rs 18,000 crore

Visakhapatnam: Amid growing protests against the 100 per cent disinvestment of the Visakhapatnam steel plant (VSP), the company registered sales turnover of Rs 18,000 crore, second highest since its inception till the just concluded financial year.

Sharing details, chairman and managing director of RINL, which owns the plant, P K Rath, said with this, the company recorded a 13 per cent growth as the sales volume reached 4.45 million tonnes, the best ever production figures exceeding the capacity of 6.3 million tonnes per year. In the past four months, RINL registered a net profit of Rs 740 crore.

In March, the company achieved a sales turnover of Rs 3,300 crore and sales volume of 7,11,000 tonnes for the first time in the history, the CMD said, congratulating the RINL employees for their stupendous performance in all areas of operations.

"During the year, we achieved export sales of 1.3 MT (million tonnes) which is 261 per cent higher than the previous year. In addition, 35 out of total 57 ocean export contracts were finalised with 100 per cent advance payment terms," Rath stated. He said that recruitment of 245 management trainees (Technical) is under process and added that the production at the Forged Wheel Plant at Raebareli is expected to start in a week.

He called upon the employees for focusing on some of the important aspects like increase in PCI (pulverised coal installation) in all the three furnaces, cost optimisation in all the areas, utilisation of waste like metallurgical waste, etc., Director (commercial) D K Mohanty, director (projects) K K Ghosh, director (operations) A K Saxena, among others participated.