Rashtriya Ispat Nigam Limited (RINL), the corporate entity managing Visakhapatnam Steel Plant (VSP), demonstrated impressive growth in its operational metrics during the financial year 2023-24.

The company's sales figures reflect a notable uptick, showcasing resilience in the face of challenging market conditions.

In particular, RINL recorded sales of 7.30 lakh tons of wire rod coils, marking a substantial 43% increase compared to the preceding year.

Additionally, it achieved sales of 5.08 lakh tons of structurals, reflecting an 11% growth rate over the previous year.

Despite encountering headwinds such as a sluggish market environment and the constraints of non-availability and high prices of raw materials,

RINL achieved a commendable sales turnover of ₹23,129 crore during FY 2023-24, representing a 2% growth compared to the corresponding period last year.

An outstanding highlight of RINL's performance was its delivery of around 90,000 tons of steel on a 'door-delivery basis', a significant escalation from the 15,000 tons recorded in the previous year.

Furthermore, the company registered a sale of 43.12 lakh tons of saleable steel, indicating a robust growth rate of 15%.

The expansion units played a pivotal role in contributing to RINL's overall production capacity, collectively yielding a total production output of 17,39,943 tons. This included noteworthy contributions from various units such as 5,43,942 tons from the special bar mill, 6,15,588 tons from Wire Rod Mill-2 (WRM-2), and 5,80,413 tons from the structural mill.

Additionally, the company produced 47 lakh tons of hot metal and 46 lakh tons of liquid steel during the fiscal year.

Commenting on the impressive performance, RINL CMD Atul Bhatt remarked, "RINL has surpassed a total Liquid Steel Production of 110 million tons during FY 2023-24 since its inception, reaffirming its position as a leader in the industry.

It remains steadfast in its mission to contribute to India’s industrial development while upholding the highest standards of quality, innovation, and corporate responsibility.

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