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RINL aims to produce 6.4 million tonnes of liquid steel; 5.8 million tonnes of saleable metal in FY20

May 29,2019

State-run Rashtriya Ispat Nigam Ltd is eyeing to produce 6.4 million tonnes of liquid steel and 5.8 million tonnes of saleable metal in the financial year 2019-20, a company official said. The public sector undertaking will be signing a Memorandum of Understanding in this regard, with its administrative ministry -- Ministry of Steel -- likely by the first week of June, the official said.

 

"The Memorandum of Understanding is in the final stages and is expected to be signed next week or so. The target for liquid steel and saleable steel for the financial year 2019-20 would be around 6.4 million tonnes and 5.8 million tonnes, respectively," the official said.

 

For the year 2018-19, Rashtriya Ispat Nigam Ltd (RINL) had a target to produce 6.1 million tonnes of liquid metal but could only produce around 5.5 million tonnes. The state-run firm produced 5 million tonnes of saleable steel against the target of 5.5 million tonnes.

 

The pact will be signed between Secretary, Ministry of Steel, Binoy Kumar and RINL Chairman and Managing Director P K Rath.

 

Every Public Sector Undertaking on an annual basis sets targets for the fiscal and enters into a pact with the concerned administrative ministry in this regard.

 

For the current fiscal, Rashtriya Ispat Nigam Ltd is targeting a turnover of Rs 25,000 crore compared to Rs 20,844 crore in 2018-19, it's Chairman and Managing Director P K Rath had last month said.

 

Rashtriya Ispat Nigam Ltd, the corporate entity of Visakhapatnam Steel Plant, produces special steel, including wire rod coils, rounds, and billets of different grade and dimensions.