Rashtriya Ispat Nigam Ltd posts Rs 16,500 crore sales in 2017-18
VISAKHAPATNAM: Rashtriya Ispat Nigam Ltd, (RINL), the corporate entity of Visakhapatnam Steel Plant, registered an impressive sales turnover at over Rs 16,500 Cr (prov) and around 31 % performance growth in all facets of its operation, during the 2017-18 financial year. P Madhusudan, CMD, RINL has expressed satisfaction over the latest financial performance figures in a meeting with all senior officials and staff held at the RINL corporate office - Ukkunagaram on Tuesday.
“The growth and performance of the ‘Vizag Steel Plant’ clearly speak of the commitment and dedication of one and all in the plant. Now RINL is rightly on the recovery path of turnaround. The market also seems to be picking up. In this circumstances, RINL would reap the benefits of expansion and modernisation and earn profits during the current year as well as in the coming years too,” CMD said. While ushering in the new financial year, the CMD congratulated the entire staff for the remarkable achievement in all areas of RINL operations during the last financial year.
Speaking on the occasion, the CMD said that there was every need to ramp up volumes and use the pulverized coal injection (PCI) technology in all the blast furnaces, which would help reduce consumption of costlier coke and further enhance the bottom-line during the current financial year. He mentioned that RINL was going to launch an eco-friendly “e-office” system for faster decision making in a transparent way. Several initiatives such as, coastal shipping, RINL presence in North Eastern regions, development of new products etc did help RINL achieve record sales during the last financial year, he said.
Earlier, the Corporate Strategic Management (CSM) department of RINL in their presentation, highlighted the achievements of RINL during FY 2017-’18 and elaborated on the challenges, the targets and the outlook for the Company during FY 2018-’19.
