RINL Q1 steel output up 14%, inks MoU for mineral exploration
Hyderabad: Rashtriya Ispat Nigam Ltd (RINL) Wednesday said it recorded 14 percent growth in finished steel production in the quarter ended June 30 over the same period last year.
RINL registered a growth of 13 percent in sales. The special drive taken by the company helped it to end Q1 with a sales of 5.5 lakh tonnes, matching the figure of corresponding period last year, the PSU steel maker said in a release here.
RINL is the corporate entity of Visakhapatnam Steel Plant (VSP).
The company also stepped up captive power generation by 7 percent which helped it to post significant growth in many fronts despite power restriction, the release said.
The company is expected to close its bottomline on an even note, despite its margins being severely impacted due to poor market conditions, the release added.
In a separate statement, RINL said it has entered into an MoU with Mineral Exploration Corporation Ltd (MECL) for exploration of iron ore, coal and other minerals.
The MoU is primarily to utilise the MECL expertise for detailed exploration of iron ore mines in Bhilwara district of Rajasthan, and for exploration of mines anticipated for allocation shortly. - Another block in Rajasthan and some blocks in Andhra Pradesh and Jharkhand, it added.