The Rashtriya Ispat Nigam Ltd.-Visakhapatnam Steel Plant achieved a record turnover of Rs.11,556 crore during 2010-11, the best since its inception.
This meant a growth of 8 per cent over the previous year, despite sluggishness in the first six months with prices hovering below March 2010 prices, CMD of RINL-VSP P. K. Bishnoi told senior officers and union leaders at a meeting to mark the realisation of growth plan for the next year, here on Friday. Mr. Bishnoi underscored the need to commission the expansion units and operate them at near-rated capacity at the earliest to realise the return on investment made.
All the major production units surpassed their rated capacities for the tenth time in a row. Though the unprecedented rains during November-2010 severely tested the tenacity of VSP collective, all the production units registered more than 95 per cent fulfilment of targets. The production of hot metal was 3.828 million tonnes (mt), liquid steel 3.425 mt and salable steel was 3.072 mt.
RINL-VSP was on course to commission Stage-I units of the 6.3 mt expansion phase. Coke oven battery was dedicated to the nation last May and RINL took a significant step towards raw material security with acquisition of Bird Group of Companies fructifying during the year.
An MoU was signed with the Railways for setting up an axle plant in New Jalapaiguri, West Bengal.
Also, several financial management initiatives were taken to cut cost of production, a spokesman said.