The sluggishness in the steel industry notwithstanding, Rashtriya Ispat Nigam Limited, the corporate entity of Visakhapatnam Steel Plant, is aiming at achieving the highest-ever turnover of over Rs. 16,000 crore during 2013-14. This was disclosed by Director (commercial) T.K. Chand during extensive interactions held with the unions and associations of VSP here on Monday and Tuesday. At the meetings, the unions, Steel Executive Association, SC and ST Welfare Association and others pledged their full support to improve the financial health of the Navratna company.
RINL revenue dipped to 5.8 per cent at Rs.13,650 crore in 2012-13 as against the MoU target of Rs.15,000 crore. It clocked a turnover of Rs.14,426 crore the previous year.
Mr. Chand in his address said that in first quarter of this fiscal, RINL would step up its sales by 10 per cent over last year and sought the support of the workforce to push up sales through innovative and aggressive marketing strategies.
According to a release, some of the union and association leaders, who attended the meeting, expressed their anguish at criticism by some quarters that the discounts and credit being offered to some dealers as part of strategy to overcome the market sluggishness and sought legal action to counter the campaign to tarnish the image of RINL.
General Manager (marketing) G. Jogeswara Rao in his presentation justified discount policy and said other competitors like SAIL, JSW, JSPL and TATA were also offering such incentives. DGM (marketing) M.V. Chary gave a detailed presentation on prevailing economic environment, sluggish market conditions and performance during 2012-13.