Millennium Post

RINL bearing Rs 50-cr loss per day due to Hudhud

Rashtriya Ispat Nigam Limited (RINL), the corporate entity of Vizag Steel Ltd, on Wednesday said that it is incurring losses of Rs 40-50 crore per day following shutting down of its operations due to devastation caused by cyclone Hudhud in the last three days.

The plant is expected to return to production level in next 10-15 days.

'We are impacted by the cyclone both in terms of operations and environment (damage caused to plant's green belt). Both power sources, internal and external, have been affected. Entire plant was shut on 11 October,' RINL Chairman and Managing Director P Madhusudan said. He said the production loss following the shut-down could be up to one lakh tonnes. RINL has a capacity to produce nearly four million tonnes per annum, which was upgraded to six million tonnes recently.
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