India's RINL aims to produce 6.4 MT of liquid Steel in FY20
MUMBAI (Scrap Register): India's state-run Rashtriya Ispat Nigam Ltd (RINL) is eyeing to produce 6.4 million tonne of liquid steel and 5.8 million tonne of saleable metal in the financial year 2019-20, a company official said.
The public sector undertaking (PSU) will be signing a Memorandum of Understanding (MoU) in this regard, with Ministry of Steel likely by the first week of June, the official said. PTI reported.
“The MoU is in the final stages and is expected to be signed next week or so. The target for liquid steel and saleable steel for financial year 2019-20 would be around 6.4 million tonne and 5.8 million tonne, respectively,” the official said.
For the year 2018-19, RINL had a target to produce 6.1 million tonne of liquid metal but could only produce around 5.5 million tonne. The state-run firm produced 5 million tonne of saleable steel against the target of 5.5 million tonne.
The pact will be signed between Secretary, Ministry of Steel, Binoy Kumar and RINL Chairman and Managing Director P K Rath.
Every PSU on an annual basis sets targets for the fiscal and enters into a pact with the concerned administrative ministry in this regard.
For the current fiscal, RINL is targeting a turnover of Rs 25,000 crore compared to Rs 20,844 crore in 2018-19, its CMD had last month said.
RINL, corporate entity of Visakhapatnam Steel Plant, produces special steel, including wire rod coils, rounds and billets of different grade and dimensions.