The Rashtriya Ispat Nigam Limited has plans to expand its capacity from 7.3 million tonne to about 12 million tonne per annum at an estimated cost of ₹20,000 crore.
RINL, the corporate entity of the Visakhapatnam Steel Plant is yet to finalise the timeline for raising its capacity to 11 to 12 million tonne. Senior officials told The Hindu that based on demand they would opt for further expansion taking advantage of the land bank of 22,000 acres.
The first shore-based integrated steel plant in the public sector, RINL will diversify its products in future. At present, it is producing long products like TMT bars, wire rods and coils. As part of diversification, it will foray into production of special steel to meet the requirement of railways and automobile industry.
With the National Steel Policy envisaging achieving total production of 300 million tonne by 2030-31, RINL in its corporate vision has set its goals to play a key role. The steel industry, which was facing rough weather for the past several years due to a slump in demand and flooding of the market with cheap steel from China and other countries, has already shown signs of revival.
Forged wheel plant
The commissioning of Caster-4 in Steel Melt Shop-2 will enable the company to supply rounds and blooms required for the forged wheel plant it is constructing at Lalgunj in Raebareli district of Uttar Pradesh.
The construction of the wheel plant with an investment of ₹1,700 crore is at an advanced stage and is likely to be commissioned by December, 2018.
The company achieved a sales volume of 4.48 million tonne, the highest-ever since inception and achieved a growth of 21% over the previous year. It clocked a sales turnover of ₹16,625 crore, accounting for an increase of 31% over last year. At the all India customers’ meet held here recently, RINL Chairman-cum-Managing Director P. Madhusudan said new products were being developed as per market requirement. He said RINL had plans to develop new products in 2018-19 utilising RH degasser in SMS-2.
