Tuesday, May 28 2024 | Time 19:40 Hrs(IST)
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Business Economy


AP: RINL-Vizag Steel Plant clocks best ever sales of wire rod coils, others in FY 2023-24

Visakhapatnam, Apr 2 (UNI) Rashtriya Ispat Nigam Limited (RINL), which operates the Vizag steel plant, clocked its best ever sales of wire rod coils (WRC), structurals (steel variety) and valued-added steel (VAS) in the fiscal 2023-24.
On the marketing front, the steel plant sold 7.30 lakh tons of Wire Rod Coils (WRC), 5.08 lakh tons of structural and 13.24 lakh tons of Value Added Steel (VAS), the “ Best Ever sales’of these varieties for for any financial year, since inception, the company said in a release here on Tuesday.
Inspite of sluggish market, non-availability and high prices of raw materials, RINL registered a sales turnover of Rs.23,129 crores during FY2023-24 registering a growth of 2 percent over corresponding period in the previous year (FY2022-23).
In order to improve customer satisfaction and also to enhance last mile connectivity, RINL has delivered around 90,000 tons of steel on “door-delivery basis” during the year as compared to 15,000 tons during Corresponding Period Last Year-2022-23 FY, registering a significant “6 fold growth”.
In addition, during FY 2023-24, RINL has registered an impressive sale of 43.12 lakh tons of Saleable steel (15% growth over CPLY) which includes sale of 7,80,000 tons of Rounds (10% growth over CPLY).
Despite facing various challenges, the Steel plant registered exceptional performance in the Expansion units during the fiscal year 2023-24.
Surpassing all expectations, setting new benchmarks in production, RINL, during the FY 2023-24, achieved a total production of over 17.39 lakh tons from the Expansion units which includes over 5.43 lakh tons from the Special bar mill, 6,15,588 tons from Wire Rod Mill-2(WRM-2), 5,80,413 tons from the Structural mill which are the “Best production levels ever achieved by the respective production units, since inception”, highlighting RINL's commitment to excellence and continuous improvement.
In addition to this, the plant during the fiscal 2023-24, has also registered an impressive production of 47 lakh tons of Hot Metal and 46 lakh tons of Liquid Steel registering an impressive growth of 7 percent over the Corresponding period last year(2022-23 FY).
In a significant milestone, RINL has surpassed a total Liquid Steel Production of 110 million tons during 2023-24 FY since its inception, reaffirming its position as a leader in the industry.
Lauding this outstanding performance during the year, RINL Chairman-cum-Managing Director Mr Atul Bhatt expressed his gratitude to all employees for their tireless efforts in achieving these remarkable milestones, reaffirming RINL's commitment to excellence and sustainable growth.
RINL remains steadfast in its mission to contribute to India's industrial development while upholding the highest standards of quality, innovation, and corporate responsibility, he added.
UNI KNR CS
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