ANDHRA PRADESH

RINL registers 7,033-cr. turnover

Staff Reporter

Meltdown impacts company during third quarter of current fiscal



During calendar year of 2008, VSP achieves highest production of value added steel

As responsible corporate entity, RINL contributes Rs. 31 crores for various projects



VISAKHAPATNAM: Rashtriya Ispat Nigam Limited (RINL) – the flagship company of Visakhapatnam Steel Plant – has recorded a turnover of Rs.7,033 crores during current fiscal as on December 31, registering a growth of 4 per cent over the corresponding period last year.

The company, during April-December of 2007-08, had a turnover of Rs.6,766 crores. While the company registered an estimated Rs.1,211 crores of net profit during the first half of the year, the third quarter recorded an estimated net loss of Rs.213 crores due to global meltdown, resulting in lower realisation and higher input costs. The trend is likely to continue in the fourth quarter also.

During the calendar year of 2008, VSP achieved the highest production of value added steel by manufacturing 2.14 million tonnes, best for any calendar year. It sold about 1.15 million tonnes of value added steel in the nine months of the current fiscal.

The production of saleable steel for the period April-December was 2.18 million tonnes, which was 96 per cent of memorandum signed with Ministry of Steel and 109 per cent of rated capacity.

Expansion

In the expansion phase, major orders worth Rs.11,400 crores were placed, which include sinter plant-3 (given to Tyazhpromexport, Russia and Mcnally Bharat Engineering consortium). Blast Furnace-3 has been placed on Paul Wurth SPA, Italy and Larsen &Toubro Limited, India consortium.

The Special Bar Mill of the second stage of expansion is placed Siemens-VAI of Italy, Siemens, India and Shriram EPC, India Consortium.

Of the first stage works, 98 per cent of piling work, 59 per cent of concreting work and 65 per cent of structural fabrication work are completed and the project is as per schedule. As a responsible corporate entity, RINL has contributed Rs.31.77 crores from April-December for various projects in the areas of environmental care, education, culture, health and peripheral development.

Recommended for you