Date:08/04/2005 URL: http://www.thehindubusinessline.com/2005/04/08/stories/2005040801450300.htm

Back RINL achieves record Rs 8,181-cr turnover

Our Bureau

Visakhapatnam , April 7

RASHTRIYA Ispat Nigam Ltd has achieved a record turnover of Rs 8,181crore, 32 per cent higher than last year's, and expects a 20 per cent hike in net profit during 2004-2005.

This was stated by Mr Y. Siva Sagara Rao, Chairman and Managing Director, at a press meet here on Thursday. Reviewing the performance of the plant during 2004-05, he said RINL had faced coking coal scarcity during the first few months and the hot metal production had suffered a little, but at the end of the year there was no slump in saleable steel. The liquid steel production was 3.56 mt, finished steel 2.89 mt and saleable steel 3.17 mt. He said the plant had produced and sold 8.8 lakh tonnes of value-added steel during the year and the net profit may rise by 20 per cent from last year's Rs 1,547 crore.

Mr Siva Sagara Rao said the company had cut down on exports during the year to meet domestic requirements. The lower exports at Rs 249 crore (Rs 769 crore) did not have any effect on the bottomline.

He said RINL had submitted to the Union Government its plans to expand the capacity to 6.5 mt of hot metal, 6.3 mt of liquid steel and 5.7 mt of saleable steel by 2007-08. "We expect a green signal in a few months' time. The State Government is also in the process of giving the environmental clearance. " he said.