core sector communique

Steel Minister Reviews Annual Performance of RINL

The Union Steel Minister Shri Beni Prasad Verma has reviewed the Annual Performance of Rashtriya Ispat Nigam Ltd. (RINL), Visakhapatnam for the Financial Year 2011-12 here today. The Minister appreciated the company’s efforts for registering significant growth in 2011-12. He also complimented RINL for commissioning of 6.3 mtpa expansion units and asked RINL to quickly stabilize production from the new units. RINL registered a growth of 7% in volume of Iron & Steel products and 79% of the company sales was Value Added Steel supplemented by significant growth of 45% in by-products and 47% in export of pig iron which helped in improving the bottom line thereby generating surplus funds for further expansion. The CMD of RINL Shri A.P. Choudhary made a presentation indicating the highlights of performance achieved during the last financial year. In the meeting, it was indicated that impact of around Rs. 1300 crores mainly on account of higher coking coal prices and iron ore prices could be partly offset through management initiatives & in-house cost reduction exercises such as optimization of coal blend, reduction in energy consumption, reduction in coke rate, increased usage of metallurgical waste, improvement in yields of various units etc. The company also commissioned a 14 MW Power plant to produce power from waste heat and a 2 Million Gallon per Day, Waste Water Treatment plant to recover waste water. RINL achieved efficiency in four of its techno- economic parameters namely water consumption, Fuel rate in the Blast Furnace which includes coke rate, BF slag utilization etc. A reduction of 5 kg in coke rate, 1% in energy consumption and 27% improvement in converter lining life with a best life of 7777 has been achieved. The Steel Secretary, Shri D.R.S. Chaudhary, while appreciating the efforts of RINL for improving its techno-economic parameters, advised the company to take advantage of its costal location to improve profitability. Performance of RINL towards CSR, Environmental Measures as well as progress made by RINL for improving its presence in rural India through appointment of rural dealers were appreciated. Additional Secretary and Financial Advisor, Shri S. Machendranathan and Joint Secretary, Dr. Dalip Singh were also present during the review.