VISAKHAPATNAM: The 39th annual general meeting (AGM) of Rashtriya Ispat Nigam Limited, the corporate entity of the Visakhapatnam Steel Plant, for the financial year 2020-21 was held here on Thursday. RINL CMD Atul Bhatt said that in spite of the impact of COVID-19, the company achieved a sales turnover of Rs 17,980 crore with a growth of 14 per cent over 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. With improvement in market conditions, the company achieved Profit after Tax from December 2020, he added. Under secretary of Ministry of Steel Subhash Kumar attended the AGM virtually on behalf of the President. Company Secretary Subhash Kumar said RINL has reduced the net loss (PAT) to `789 crore from `3,910 crore in the previous year.