• search

RINL to clean up books, expects lower bottomline: CMD

Written by: Staff

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.


For Daily Alerts

For Breaking News from Oneindia
Get instant news updates throughout the day.

Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more