RINL earns record profit of Rs 1363 cr

New Delhi, July 14: State run Rashtriya Ispat Nigam Limited (RINL), which earned a profit Rs 1,363 crore, said it is planning to use pellets to reduce alumina content while processing iron ore.

It was disclosed here by RINL Chairman and Managing Director P K Bishnoi to Steel Minister Ram Vilas Paswan during the quarterly review meeting.

Mr Bishnoi said, the company had tried this earlier two years back with good results. It is also looking at the option to import one ship load of iron ore from Brazil and a long term shipping contract.

Making a presentation, of the company he said, the net profit during the fourth quarter at Rs 504 Crore was nearly 59 per cent higher than the previous quarter profit at Rs 318 crore.

Net profit for the financial year 2006-07 at Rs 1,363 crore was 8.9 per cent more than the previous year which was Rs 1,252 crore.

This was also 33.4 percent more than the MOU target for the year which was Rs 1,022 crore.

Saleable steel production during the fourth quarter was 8,71,000 tonnes exceeding the MoU target of 8,37,000 tonnes by 4 percent.

Saleable steel production for the year 2006-07 was 3.29 million tonnes against the MoU target of 3.205 million tonnes.

The Minister appreciated the good performance of the plant, which has been working consistently at more than 120 percent of the rated capacity and advised them to improve their performance further.

The company is expanding its district sales network by raising its dealers from 83 to 182 this financial year and further to 576 by 2008-09.

Mr Paswan reminded RINL that the expansion plan being implemented is critical and all efforts should be taken to cut short the delays, if any.

The Minister said model guidelines will be formed by Steel Ministry to maximise benefits of social corporate responsibilty.

Model guidelines will be formed by Steel Ministrythe Ministry of Steel to maximize benefits of the scheme.

On recruitment of Scheduled Castes, Scheduled Tribes and OBCs, Mr Paswan asked the company to ensure due representation to them and quickly fill up vacancies.

Speaking at the meet Steel Secretary R S Pandey said, the company should develop a plan to insulate itself against fluctuations in the price of inputs.

UNI