Millennium Post

RINL turnover soared 25% in FY14 despite market slump

Rashtriya Ispat Nigam Ltd (RINL), the corporate entity of Visakhapatnam Steel Plant (VSP), posted a 25 per cent growth in sales turnover at Rs 13,527 crore in FY14 despite sluggish market conditions.

The company registered a sales turnover of Rs 13,527 crore, including exports of Rs 750 crore, in the just ended financial year, a growth of 25 per cent over the last fiscal, RINL Chairman and Managing Director P Madhusudan said on Wednesday.

The state-run steel maker achieved a ‘creditable performance’ in 2013-14 despite sluggish market conditions, he said.

RINL clocked 4 per cent expansion in the production of liquid steel (3.4 million tonnes) and saleable steel (3.01 million tonnes).

Ramping up production from new units is the main challenge for RINL in 2014-15. Cost control is also an important factor and there is an urgent need to spread the cost consciousness across the organisation, Madhusudan said.

NMDC logged record sales & production last fiscal

New Delhi:
Buoyed by higher demand from domestic steel makers, sales and production of state-owned iron ore miner NMDC touched a record high of over 30 million tonnes (MT) in 2013-14. Production and sales of NMDC never touched the 30 MT-mark since it was incorporated in 1958.

Production of the key steel-making raw material rose by 11.31 per cent over the previous fiscal to 30.1 MT, said a source at the country’s largest iron ore miner. NMDC had produced 27.04 MT iron ore in 2012-13.

Similarly, sales rose 16.22 per cent to 30.8 MT in 2013-14, from 26.5 MT on higher demand of the raw material from domestic steel makers, he said.

After reaching 29 MT in 2008-09, production and sales had fallen to 25.1 MT and 27.4 MT in the subsequent years. The source attributed the rise in production to better evacuation system that NMDC has put in place. The company had been facing evacuation problems from its mines in Chattisgarh and Karnataka earlier which was holding back its output growth.
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