Visakhapatnam Steel achieves record sales

Mumbai, Aug 12: Visakhapatnam Steel Plant (or Vizag Steel) of Rashtriya Ispat Nigam Limited achieved a record sales of Rs 2,530 crore during April-July of the current fiscal, registering an impressive growth of 31 per cent over the corresponding period last year, according to a company release.

The sale include domestic sales of Rs 2,343 crore and an export sales of Rs 187 crore which registered a significant growth of 25 per cent and 228 per cent over the corresponding period last year, respectively.

The sales volume of 9.27 lakh ton during the period recorded a growth of 43 per cent over the corresponding period last year. The special steel sales volume of 3.25 lakh ton recorded an impressive growth of 75 per cent over the corresponding period last year.

On the production front, 1.355 million ton (Mt) of hot metal, 1.202 Mt of liquid steel and 1.071 Mt of saleable steel was produced during the period. A labour productivity of 280 ton/man-year was achieved, which is a growth of 4 per cent over the corresponding period last year. Production of hot metal, liquid steel and saleable steel during the period recorded a capacity utilization of 119 per cent, 120 per cent and 121 per cent, respectively.

In anotherr development, Rashtriya Ispat Nigam Limited (RINL), which is the governing body of Visakhapatnam Steel Plant, and the Manganese Ore India Limited (MOIL) have signed a Memorandum of Understanding to set up a joint venture to produce ferro alloys.

The proposed company would market ferro alloys in its own brand name by the second half of the next year.

UNI