RINL sets sights on 4.1 mt steel output this fiscal
State-owned steel maker Rashtriya Ispat Nigam (RINL) on Saturday said it's aiming to produce 4.1 million tonne of saleable steel for the current fiscal.
"We are targeting a saleable steel production of 4.1 million tonne in FY16, up from 3 million tonne in 2014-15," RINL chairman and managing director P Madhusudan said here at MCC Chamber of Commerce and Industry.
He said the production is planned after taking into consideration the closure of its blast furnace at the old plant. RINL will be able to produce more after commissioning the greenfield expansion, which aims to take the hot metal capacity to 6.3 million tonne from the 3 million tonne earlier.
"With the completion of expansion and modernisation of the existing old plant, our hot metal and saleable steel capacity will go up to 7.3 million tonne and 6.5 million tonne, respectively, by 2017-18," Madhusudan said.
He expects the steel industry to get better in the next 3-4 quarters. He is hopeful of some government action to curb steel import.
Keen on taking 20% stake in mining SPV Odisha
Rashtriya Ispat Nigam Ltd (RINL) has expressed interest in picking up 20 per cent stake in mining Special Purpose Vehicle(SPV) meant for the proposed ultra-mega steel plant(UMSP) in Odisha. “We are seeking to take 20 per cent stake in the mining SPV,” RINL CMD P Madhusudan said at a MCC Chamber of Commerce and Industry event. Two SPVs are proposed to be created for the ultra-mega steel plant to be set up in Odisha out of which one will be for mining and another for the steel plant. Initially, Odisha Mining Corporation and NMDC Ltd were supposed to be partners for the mining SPV. Madhusudan said, the finer details would be finalised only after the MoU is signed. The MoU was under active consideration from all the stakeholders, he added. Meanwhile, RINL will also be taking up stake in the steel SPV along with IDC Orissa Ltd.