RINL to clean up books, expects lower bottomline: CMD

Kolkata, Feb 22 (UNI) Rashtriya Ispat Nigam Ltd (RINL) has planned to clean up accumulated losses of Rs 4,900 crore this fiscal.

Speaking to reporters in the sidelines of a steel seminar, RINL's Chairman-cum-Managing Director Y Sivasagara Rao said the company is expecting profits to be a little more than Rs 1,000 crore this fiscal as against Rs 2,000 crore last year owing to the continuous rise in raw material costs and slump in steel prices last year.

He said the company would spend around Rs 800-900 crore on the ongoing expansion plans in 2006-07.

Mr Rao said long product prices were expected to rise by Rs 500-1,000 per ton shortly because of the rise in the sponge iron and scrap prices.

UNI TJP SJC RN 1715