Visakhapatnam: The turnover of Visakhapatnam Steel Plant (VSP) this fiscal end is expected to cross a record Rs 20,500 crore, the highest since its inception, a senior official said here on Friday.
P K Rath, Chairman and Managing Director of Rashtriya Ispat Nigam Limited, the corporate entity of VSP, said the plant made significant progress on all fronts, including production, projects, marketing and personnel related issues.
Addressing a press conference, Rath said there has been around 10 to 12 per cent growth in most production areas, improvement in the capacity utilization of mills and improvement in various techno-economic parameters.
"In the area of expansion and modernization, notable progress has been madeand the coke oven batter-five, central dispatch yard, KBR-2 projects are [progressing at abrisk pace for early commissioning," he said.
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Rath said the plant expected to end the financial year with a record turnover of Rs 20,500 crore, nine per cent growth over the corresponding period last year and a gross margin of Rs 1,770 crore against Rs 254 crore last year.
He said the plant was ready to produce 7.3 million tonnes of steel.
To a question about captive iron ore mines, he said efforts were on operationalise some of the mines in Odisha and some in Andhra Pradesh.
Rath said work at the Forged Wheel Plant at Rae Bareilly in Utter Pradesh was also picking up pace for commissioning in September this year.
RINL would soon sign a Memorandum of Understanding with KIOCL for setting up a pellet plant at Visakhapatnam. On the plant's performance, he said there was a 13 per cent growth in hot metal, 10 per cent in finished steel, 11 per cent in saleable steel and 34 per cent in value added steel.
As part of CSR activity, around Rs nine crore was expected to be spent this year for providing education free of cost to around 1,600 children of below poverty line families from the surrounding villages.
(Inputs from PTI)
