New Delhi: State-run Rashtriya Ispat Nigam Limited (RINL) has set a target to produce 6.4 million tonnes (MT) of liquid steel and 5.8 million tonnes of saleable metal in the financial year 2019-20, an official said. In financial year 2018-19, RINL had set a target to produce around 6.1 MT liquid metal but could only produce around 5.5 MT. The public sector undertaking (PSU) also produced 5 MT of saleable steel against the target of 5.5 MT.
An MoU will be signed in this regard by first week of June
The official said that the public sector company will be signing a Memorandum of Understanding (MoU) in this regard with its ministry — Ministry of Steel — probably by the first week of June.
“The MoU is in the final stages and is expected to be signed next week or so. The target for liquid steel and saleable steel for financial year 2019-20 would be around 6.4 million tonne (MT) and 5.8 MT, respectively,” the official said.
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The MoU will be signed by Secretary, Ministry of Steel, Binoy Kumar and RINL Chairman and Managing Director PK Rath.
RINL to target turnover of Rs 25,000 crore in FY2019-20
The steel producer is targeting a turnover of Rs 25,000 crore compared to Rs 20,844 crore in 2018-19, its CMD had said last month. Every financial year, PSUs sets targets for the fiscal and enter into a pact with the concerned administrative ministry in this regard.