RINL crude steel output increases 3% in 2014-15

Rashtriya Ispat Nigam Ltd (RINL) on Tuesday said that its crude steel production grew by 3 per cent in last fiscal despite the operations of the plant being severely impacted by the Hudhud cyclone in October last year. In his address at the 33rd Annual General Meeting of the Navratna PSU, RINL Chairman and Managing Director P Madhusudan said the plant operations <g data-gr-id="28">was</g> normalised in the quickest possible time after Hudhud and the growth momentum could be resumed during December 

2014-March 2015.

"The increase in imports from China during the fiscal was 202 <g data-gr-id="23">per cent</g> in the non-flat category (long steel) and RINL being an exclusive long steel producer, was severely affected, with the margins and profits declining sharply in second half of the fiscal 2014-15. The company registered a turnover of Rs 11,665 crore and profit after tax of Rs 62 crore during the year, the <g data-gr-id="24">steel maker</g> said in a release. 

The company posted export sales of Rs 865 crore, the highest since inception, with a growth of 16 <g data-gr-id="20">per cent</g>. During the fiscal, the company also completed 6.3 <g data-gr-id="21">mtpa</g> expansion, modernised one of the Blast Furnaces (BF-1) and completed 20.6-mw Waste Heat Recovery Power Generation Unit of 

<g data-gr-id="22">Sinter</g> Machine.