Mr. PK Rath, RINL-VSP CMD, said 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 addressing the VSP collective on the eve of New Year, Mr. 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 bottom-line and RINL is also no exception to this development.
He said that the 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 BF productivity, usage of PCI in all the blast furnaces, etc. He further added that improving PCI to around 150 kg/ton hot metal in Q4 would reduce the cost of production and improve BF productivity.
Mr. Rath said, “RINL achieved a sales turnover of INR 12,700 crores during April-December 2019 despite a turbulent market scenario. The exports achieved a growth of 119% and the sale of value-added steel has also seen a growth of 79%. The inventory level was brought down to below 4 lakh tons by December end”.He stated that on the raw material securitization, RINL has started participating in e-auctions, tender route, and procurement of slimes to supplement iron ore fines in Sinter Plant. He further said that actions were also initiated for a tie-up with Orissa Mining Corporation (OMC).
