VISAKHAPATNAM : Despite the adverse impact of Hudhud cyclone and increased steel imports from China, the crude steel production of Rashtriya Ispat Nigam Limited (RINL) grew by three per cent in last fiscal. The company registered a turnover of `11,665 crore and profit after tax of `62 crore during the year, while it achieved an export sales of `865 crore, the highest since inception with a growth rate of 16 per cent.
In his address at the 33rd annual general meeting of the Navratna PSU here Tuesday, RINL chairman and managing director P Madhusudan said the plant operations were normalised rapidly after Hudhud and the growth momentum is expected to be restored during December 2014-March 2015. He pointed the import of steel from China has increased considerably during the second half of the fiscal, impacting product price realisations. “The increase in imports from China during the fiscal, was 202 per cent in the non-flat category (long steel) and RINL being an exclusive long steel producer, was severely affected, with the margins and profits declining sharply in second half of the fiscal 2014-15,” he added.
During the last fiscal, RINL also completed 6.3 mtpa expansion, modernised one of the Blast Furnaces (BF-1) and completed 20.6 MW Waste Heat Recovery Power Generation Unit of Sinter Machine which is first of its kind in the country. Similarly, the company redeemed `550 crore towards Preferential Share Capital taking the total redemption to `2,637 crore. It paid an Interim Dividend of `14 crore and `11.35 crore on Preference Shares and Ordinary Equity Shares respectively to the Government of India.
Madhusudan thanked all the stakeholders, particularly the Ministry of Steel and other ministries of Government of India, the Andhra Pradesh government, all suppliers (domestic and overseas), Customers, Ancillary Units, Bankers, the district administration and all partners for their continued support and cooperation.
Director (Projects) PC Mohapatra, director (Personnel) GBS Prasad, director (Operations) DN Rao and director (Finance) TVS Krishna Kumar, Audit Committee chairman SK Garg were also present. Mahabir Prasad, director from Union Ministry of Steel, attended the AGM on behalf of the President of India as his authorised nominee.