RINL CMD optimistic on recovery of company

Visakhapatnam: Rashtriya Ispat Nigam Limited (RINL) Chairman-cum-Managing Director Atul Bhatt has said as per the projections the steel demand is slowly increasing offering opportunities to the domestic steel industry.

In his address at a meeting held in connection with Independence Day fete, he said advanced economies are expected to see a slightly accelerated growth from 1.6 per cent in 2023 to 1.7 per cent in 2024. He said that RBI has projected a real GDP growth of 7.2 per cent for the Indian economy during 2024-25.

World steel forecasts that this year demand will see a 1.7 per cent rebound to reach 1,793 MT. Steel demand is forecasted to grow by 1.2 per cent in 2025 to reach 1,815 MT. India has emerged as the strongest driver of steel demand growth since 2021, and the projections suggest Indian steel demand will continue to charge ahead with 8 per cent growth in its demand over 2024 and 2025, driven by continued growth in all steel using sectors and especially by continued strong growth in infrastructure investments, Bhatt pointed out.

With this background of global and domestic steel demand, RINL, the corporate entity of Visakhapatnam Steel Plant, he said, is firmly on the path of recovery. “RINL concentration is on re-orientation of strategies to optimise product mix and concentrate on niche markets and high-end value-added products. The critical situation of the company was reviewed by a high-level delegation of the Ministry of Steel in May 2024. The Union Minister of Steel and Minister of State for Steel, immediately after taking over in July, reviewed the critical position of RINL, held discussions with the bankers and also visited the Visakhapatnam Steel Plant,” he stated. “It is time for us to perform with utmost devotion and commitment. To maximise the returns within the available resources, we have to adopt a 3-pronged approach of Increase in production, reduction in costs and improvement in realisations”, said the CMD.