STEEL MINISTER EXHORTS VIZAG STEEL
FOR ITS TURNAROUND IN
2002-03
Vizag Steel Plant
(VSP) of the Rastriya Ispat Nigam Limited (RINL), a public sector
undertaking of the Steel Ministry has earned a net profit of Rs.
450 crore for the first time during the year 2002-03 and achieved
a turnaround. The Minister for Steel Shri Braja Kishore Tripathy
praised today the RINL collective for their efficiency and sincerity
while reviewing the performance of the company during the year
2002-03.
The new Chairman-cum-Managing
Director of the Company Shri B.K.Panda briefed that the most significant
performance was record capacity utilisation in hot metal 116 per
cent, liquid steel 112 per cent and salable steel 115 per cent.
The company has also achieved the best ever techno-economic performances
and was ahead of other steel plants, both in public and private
sector.
The Minister was
briefed that RINL has achieved the best ever sales turnover at
Rs. 5059 crore, a 24 per cent growth over 2001-02. Exports at
Rs. 626 crore has grown by 69 per cent over the previous year.
Sales of value added steel has shown an increase of 21 per cent.
The financial performance of the company has also shown a spectacular
turn around. Gross margin has grown by 51 per cent and stand at
Rs. 1049 crore. Cash profits of Rs. 915 crore registered an increase
of 128 per cent. Excellent management of the company's debt has
helped reduce its interest liabilities considerably and several
high cost loans have been retired or swapped.
The Minister asked
the CMD to expedite Godavari Pumping Project to solve the water
problem and draw a plan to compensate increased water cost. He
assured Ministry's help and cooperation in installation of fourth
coke oven battery. The Minister, also thanked the MD, Bhillai
Steel Plant, Shri B.K.Singh for his commendable contribution during
2002-03 as acting CMD for the remarkable achievement of the company.
