RINL Visakhapatnam records 14 per cent growth

Visakhapatnam: Rashtriya Ispat Nigam Ltd. – Visakhapatnam Steel Plant achieved a sales turnover of Rs 17,980 crore, with a growth of 14 per cent over the previous year, despite COVID-19 impact, according to RINL chairman and managing director Atul Bhatt. Addressing the shareholders of the Navaratna public sector undertaking at the 39th Annual General Meeting […]

Visakhapatnam: Rashtriya Ispat Nigam Ltd. – Visakhapatnam Steel Plant achieved a sales turnover of Rs 17,980 crore, with a growth of 14 per cent over the previous year, despite COVID-19 impact, according to RINL chairman and managing director Atul Bhatt.

Addressing the shareholders of the Navaratna public sector undertaking at the 39th Annual General Meeting (AGM) for the financial year 2020-21, here on Thursday, he said that the inventory of steel could be reduced by 0.290 million tonnes during the year by increasing the exports to 1.308 MT from 0.497 MT in the previous year.

With the gradual unlocking of economic activity in the country, the production was stepped up by reverting to 3 Blast Furnaces operations since November last year. Also, with the commissioning of Coke Oven Battery-5 in December last year, the production levels attained new highs.

Atul Bhatt said, “Thanks to the improvement in market conditions at the same time, the company achieved profit after tax (PAT) since December 2020. The company had reduced the net loss (PAT) to ₹789 crore, as compared to a net loss (PAT) of ₹3,910 crore during the previous year.”

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