RashtriyaIspat Nigam Limited turnover crosses 2,000 cr

Visakhapatnam: RashtriyaIspat Nigam Limited (RINL) Chairman-cum-Managing Director P Madhusudan said the company had registered significant performance in all areas of its operations despite difficult circumstances in April-Dec 2017 and attributed the success to the relentless efforts of entire workforce.

Addressing the senior functionaries of company on the occasion of the New Year celebrations in the plant on Monday, Madhusudan said the year 2017 saw completion of expansion, modernisation and taking the capacity to 7.3 mtpa.

The CMD stressed the need to enhance the volumes to improve the bottom-line, he added. Stating that RINL achieved gross margin, he said and added there were no borrowings during November and December and it clearly indicates that RINL is all set to record best ever performance during the last quarter of the current fiscal.

The marketing department had achieved a sales volume of 1 million tonnes during November and December-2017 and registered a turnover of over Rs 2,000 crore and exhorted them to tailor the marketing strategies to increase the net sales realisation (NSR), he said.

Madhusudan mentioned that RINL has been rated as one of the best PSUs in the Ministry of Steel and thanked government and particularly the Ministry of Steel for their continuous support to RINL in its journey. Earlier, corporate strategic management department gave a presentation highlighting the achievements of the company during the year.