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Steel Industry showing signs of Improvement: RINL's CMD

PK Rath has observed that the Steel Industry is showing signs of improvement in the country with the introduction of the government’s new initiatives in boosting the spending on infra, construction and auto sector
Vishakhapatnam: RINL-VSP's Chairman & Managing Director PK Rath has observed that the Steel Industry is showing signs of improvement in the country with the introduction of the government’s new initiatives in boosting the spending on infra, construction and auto sector. While wishing the RINL collective at a meeting in Ukkunagaram to mark the New Year, Rath pointed out that many steel companies in the world are under severe stress during 2019 and the rise in raw material prices like Coking Coal and Iron Ore severely impacted the entire steel industry’s bottom-line. RINL is also no exception to this development, he added. RINL leadership has taken several new initiatives to face the challenges and even with lower production, achieved improvement in techno-economic parameters such as improvement of blast furnace (BF) productivity, usage of PCI in all the blast furnaces etc, Rath mentioned. He stressed on improving Pulverised Coal Injection (PCI) to around 150 kg/ton Hot Metal in Q4 to reduce the cost of production and improve the BF productivity. On the Marketing front, Rath said that RINL achieved a sales turn over of Rs 12,700 crores during April-December 2019 despite turbulent market scenario. The exports achieved a growth of 119 percent and the sale of value-added steel has also seen a growth of 79 percent. The inventory level was brought down to below 4 lakh tons by December end Rath added. Rath stated that on the raw material securitization, RINL has started participating in e-auctions, tender route, procurement of slimes to supplement iron ore fines in Sinter Plant. Actions were also initiated for the tie-up with Orissa Mining Corporation (OMC), he added. RINL collective has a history of converting challenges into opportunities, Rath said and he called upon the employees to exhibit utmost discipline and work collectively, supplemented with an emotional attachment to propel the company on a continuous growth path. On the occasion Director (Personnel) KC Das, Director (Finance) VV Venugopal Rao, Director (Commercial) DK Mohanty, Director (Projects) KK Ghosh, Director (Operations) AK Saxena, CVO PJ Vijayakar, Executive Director (Works) I/c KV Vidya Sagar, EDs, General Managers, HODs of RINL were also present. New Year Calendar & Diary 2020 brought out by the Corporate Communications Department were released by Rath along with the Directors and CVO of RINL. Earlier, the Corporate Strategic Management Department gave a presentation highlighting the achievements and the focus areas for the New Year. Representatives of Steel Executive Association, trade unions, SC&ST, OBC association, WIPS and a large number of senior officials were present on the occasion. Disclaimer: This story is a press release and is being published without any editing by PSU Watch desk. Our editorial team has only changed the headline.