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Steel minister praises RINL for profit growth

Steel minister praises RINL for profit growth
Steel Minister Beni Prasad Verma complimented RINL for registering growth in profit and several production areas while reviewing the company’s performance during H1 of 2012-13. . Verma called upon RINL to evolve innovative marketing strategies to perform better and intensify its marketing efforts in rural areas. RINL posted growth in Hot Metal, Liquid Steel and Value Added Steel production, Captive Power Generation, Operating Profit and Profit after Tax during H1 of 2012-13. A marginal shortfall in the Saleable Steel production was registered due of acute power crisis in the State of Andhra Pradesh & heavy rainfall.

The weakening demand of long products marginally impacted the sale of long products in the country. RINL took steps like correction in prices to improve sales.

During H1, RINL improved its rural marketing network by 69 per cent and growth in sales increased to 88 per cent. Significant growth was achieved in Converter Lining Life, Specific Water Consumption and Labour Productivity. RINL, paid Rs 1414.51 crores to government of India in H1 towards dividend and redemption of preferential capital.

On the expansion front, new Blast Furnace, Oxygen Plant, Turbo Blower, Power and Utility Systems were commissioned and are currently in operation. Order for new Pressure Reducing Station has been placed and is expected to be commissioned by March/April 2013. The balance units viz., Sinter Plant and Wire Rod Mill would be commissioned by end of 2012.

The company signed MOU with NMDC for transportation of Iron Ore through slurry pipeline from Bailadilla to Visakhapatnam and setting up of Pelletisation Plant at Visakhapatnam. RINL signed an MOU with Power Grid Corporation of India for manufacturing transmission line towers and another MOU for manufacturing CRGO and CRNO steel.

The company’s expenditure on CSR activities grew by 10 per cent during the review period.

Steel Minister reviews performance of Bird Group of Companies Minister of Steel reviewed the performance of first and second quarter of 2012-13 of Bird Group of Companies. Verma expressed his satisfaction over OMDC getting environment clearance for mining in Kolha Roida Iron and Manganese Mines from the Ministry of Environment and Forests. Verma exhorted OMDC to start operating its mines at the earliest.

Minister directed BGC to increase limestone and dolomite production from BSLC and was optimistic about the performance.
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