RINL restarts BF-3, terms it an attempt for turnaround after JSPL tie-up
After signing an MoU with Jindal Steel and Power Limited (JSPL), Rashtriya Ispat Nigam Limited (RINL) on Saturday restarted the process for production from Blast Furnace-3, which was shutdown in January, 2021
image for illustrative purpose
Visakhapatnam: After signing an MoU with Jindal Steel and Power Limited (JSPL), Rashtriya Ispat Nigam Limited (RINL) on Saturday restarted the process for production from Blast Furnace-3, which was shutdown in January, 2021.
RINL, the corporate entity of Visakhapatnam Steel Plant announced it as a momentous event heralding a significant turnaround for the Navratna company.
CMD Atul Bhatt lit up BF-3 and said it is a pivotal step towards the rejuvenation of RINL's operations and a testament to its commitment to growth and excellence.
The CMD expressed his elation, and termed it as a landmark day in the company's journey.
Bhatt aptly named the BF-3 as Annapurna, symbolising the abundance and prosperity it is poised to bring to RINL's future endeavors.
He expressed confidence that BF-3 Annapurna will bring prosperity, joy and happiness to RINL and its family members.
The CMD thanked Union Steel Minister and the entire Steel Ministry for their inspiration and support towards the turnaround plan of RINL. He also thanked all the stakeholders and business associates of RINL who collectively made the restarting of BF3 happen as per schedule on December 30.
Bhatt congratulated the BF Collective for the spectacular performance inspite of several constraints. “RINL has shown the world how to produce best quality steel inspite of raw material crunch. This day is a historic day in the history of RINL as we have lit up the BF -3”, he added.
As part of the auspicious ceremony, Bhatt and AK Bagchi, Director (Projects) and additional charge Director (Operations) offered prayers before officially lighting up BF-3.
The restarting of BF-3 will help in increasing hot metal production by about 2 million tonnes per year and result in an increased sales turnover of Rs.500 crore per month.
RINL signed an MoU with JSPL sometime ago declaring that it will ensure the much needed working capital support for raw material requirement for starting and operating the BF-3.
The management said the arrangement with JSPL will ensure availability of about Rs.800-Rs.900 crore for RINL in the form of working capital advance/raw materials required for consistent operation of BF-3, against which RINL will be supplying about 90,000 tonnes of cast blooms every month from Steel Melting Shop-2 (SMS-2) of Visakhapatnam Steel Plant.
The arrangement with JSPL is expected will to generate additional revenue from increased sales of about 1 lakh tonnes of saleable steel for RINL even after supply of committed quantities to JSPL.
The initiative will result in the monthly increase of sales turnover around Rs.500 crores per month and is likely to reduce losses by about Rs.50-Rs.100 crore per month, according to RINL management.
