The steel sector shows signs of revival: head of RINL
VIJAYWADA: The steel industry, which had been dying for some time, is showing signs with the introduction of new central government initiatives to boost spending on infrastructure, construction and automotive, PK Rath, president and managing director of Rashtriya Ispat Nigam Ltd - Visakhapatnam Steel Plant, said Wednesday.
Rath noted that many steel companies in the world suffered severe tensions during 2019 and that rising prices of raw materials such as coking coal and iron ore severely affected the end result of the entire steel industry. RINL Nor is it an exception to this development, he added, according to a press release from the company.
Rath said that RINL had taken several new initiatives to face the challenges and even with lower production, achieved improvement in techno-economic parameters such as improvement of BF productivity, and usage of PCI in all the blast furnaces. He stressed on improving Pulverised Coal Injection (PCI) to around 150 kg/ton hot metal in Q4 to reduce the cost of production and improve the BF productivity.
Rath said that RINL achieved a sales turn over of Rs 12,700 crores during April-December 2019 despite turbulent market scenario. The exports achieved a growth of 119% and the sale of value added steel has also seen a growth of 79%. The inventory level was brought down to below 4 lakh tons by December end, I added.
According to the release, RINL has started participating in e-auctions, tender route, procurement of slimes to supplement iron ore fines in sinter plant. Actions were also initiated for tie up with Orissa Mining Corporation (OMC), I added.