Vizag steel plant confident of making profit in first quarter of 2023-24

Bhatt disclosed that on the operations front, RINL successfully sailed through the most difficult year in the history of the Company

Visakhapatnam: Addressing the RINL collective, Chairman-cum-managing director of RINL- Visakhapatnam steel plant Atul Bhatt has exuded confidence that the company can turn profit after tax (PAT) positive in the first quarter of 2023-24.

Addressing the RINL collective on the first day of the fiscal year at the M.P.Hall, Ukkunagaram on Saturday, he also informed the gathering that Preliminary Acceptance Certificate (PAC) had been issued for the forged wheel plant at Rae Bareli and very soon the production will be ramped up to 55,000 wheels in the current Financial Year to meet the demand from Indian Railways for high speed trains.

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“In the area of raw material securitization, we had taken several initiatives, with timely intervention from the Ministry of Steel. We increased usage of Indigenous Coals in the blend and advance payment from customers was incentivized.”

Also, the Odisha Mineral Development corporation, (OMDC), the RINL’s subsidiary, could achieve significant progress towards resumption of mining operations which would not only provide raw material security to RINL but also provide income in the form of Dividends, he stated.

Appreciating the works collective for maximizing the production within the available resources, Bhatt disclosed that on the operations front, RINL successfully sailed through the most difficult year in the history of the Company.

Within the Saleable Steel production of about 13,000 tonnes per day, the plant had maximized the Finished Steel production to about 12,500 toones per day.

For the year as a whole, Hot Metal production from 2 Blast Furnaces, Finished Steel production from all the Expansion Mills and High End Value Steel production were the best for any year since inception, he recalled.