RINL, Visakhapatnam Steel Plant record 11% growth in hot metal production
KOLKATA: RINL, Visakhapatnam Steel Plant (VSP) recorded a 11% growth in hot metal production with finished steel and saleable steel showing a 16% and 10% rise in production during 2016-17 (FY17). In addition to this, production from Wire Rod Mill-2 recorded a growth of 43% and gross sinter production reached six million tonne mark, representing a growth of 5%, the company said in a statement on Thursday.
"The union budget 2017-18 points to a favorable demand outlook for steel sector and the government’s thrust on infrastructure and affordable housing would spur the demand for steel consumption in the country," P Madhusudan, CMD,RINL said. He added there will be substantial growth in production, including that from from expansion units in 2017-18.
Despite sluggishness in infrastructure and construction sectors, RINL said its turnover grew by 4% at Rs 12,781 in FY17 crore against Rs 12,281 crore in FY16. This includes exports of Rs 1,048 crore during FY17. All the marketing regions registered growth during the year, RINL said adding that it achieved a sales volume of 5.77 lakh tonne during March’17, representing a growth of 27% and a turnover of Rs.2205 crore, up by 44% when compared to March ’16.
In terms of techno economic parameters, VSP registered a growth of 28% in Blast Furnace productivity, 9% in Labour Productivity, 5% reduction in Specific Water Consumption in FY17 when compared to the previous corresponding year.
In tune with the government’s policy to increase the consumption of steel in rural areas, RINL increased its rural dealership from 235 to 417, representing a growth of 77%. It has given an impetus to value added steel production to cater to the growing demand in domestic steel for customized products. Another notable initiative of RINL is successful implementation of e-tender in both Ocean and Nepal exports in place of mutual bidding by the bidders, that expanded its customer base.
RINL said it has launched a brand promotion campaign with ace badminton player P V Sindhu as its brand ambassador along with branding on New Delhi bound Vizag Steel Samta/Swarna Jayanthi Express.
"The union budget 2017-18 points to a favorable demand outlook for steel sector and the government’s thrust on infrastructure and affordable housing would spur the demand for steel consumption in the country," P Madhusudan, CMD,RINL said. He added there will be substantial growth in production, including that from from expansion units in 2017-18.
Despite sluggishness in infrastructure and construction sectors, RINL said its turnover grew by 4% at Rs 12,781 in FY17 crore against Rs 12,281 crore in FY16. This includes exports of Rs 1,048 crore during FY17. All the marketing regions registered growth during the year, RINL said adding that it achieved a sales volume of 5.77 lakh tonne during March’17, representing a growth of 27% and a turnover of Rs.2205 crore, up by 44% when compared to March ’16.
In terms of techno economic parameters, VSP registered a growth of 28% in Blast Furnace productivity, 9% in Labour Productivity, 5% reduction in Specific Water Consumption in FY17 when compared to the previous corresponding year.
In tune with the government’s policy to increase the consumption of steel in rural areas, RINL increased its rural dealership from 235 to 417, representing a growth of 77%. It has given an impetus to value added steel production to cater to the growing demand in domestic steel for customized products. Another notable initiative of RINL is successful implementation of e-tender in both Ocean and Nepal exports in place of mutual bidding by the bidders, that expanded its customer base.
RINL said it has launched a brand promotion campaign with ace badminton player P V Sindhu as its brand ambassador along with branding on New Delhi bound Vizag Steel Samta/Swarna Jayanthi Express.
