Vizag Steel eyes Rs 150cr additional revenue in March

Visakhapatnam Steel Plant is expecting an additional revenue of Rs 150 crore through the sale of products in March. VSP has increased its product prices on an average by Rs 5,000 per tonne and during March, it expects to sell over 3 lakh tonnes of products.

In January, VSP hiked steel prices by Rs 2,000 per tonne and again increased it by another Rs 1,000 per tonne in February. However, it had to roll back this hike, due to Centre's intervention.

But again, on March 8, VSP increased the prices of all its products by Rs 4,500 -6,000 per tonne.

The steel plant did not issue any material from March 1, and started issuing it only after March 10, when the price hike came into effect, Krishan Rao, director, Vizag Profiles, a steel trading company, told Business Standard.

During this fiscal, VSP is expecting a turnover of Rs 10,000 crore. By the end of February, the total sales of Vizag Steel stood at Rs 8,884 crore, with February contributing Rs 1,056 crore. In March, it is expecting sales between Rs 1,250 and 1,350 crore, VSP sources said.