RINL crude steel production up 3% in 2014-15

Rashtriya Ispat Nigam Ltd (RINL) today said its crude steel production grew by 3 per cent in last fiscal despite the operations of the plant being severely impacted by the Hudhud cyclone in October last year.
In his address at the 33rd Annual General Meeting of the Navratna PSU, RINL Chairman and Managing Director P Madhusudan said the plant operations was normalised in the quickest possible time after Hudhud and the growth momentum could be resumed during December 2014-March 2015.
"The increase in imports from China during the fiscal was 202 per cent in the non-flat category (long steel) and RINL being an exclusive long steel producer, was severely affected, with the margins and profits declining sharply in second half of the fiscal 2014-15.

The company registered a turnover of Rs 11,665 crore and profit after tax of Rs 62 crore during the year, the steel maker said in a release.
The company posted export sales of Rs 865 crore, the highest since inception, with a growth of 16 per cent.
During the fiscal, the company also completed 6.3 mtpa expansion, modernised one of the Blast Furnaces (BF-1) and completed 20.6 MW Waste Heat Recovery Power Generation Unit of Sinter Machine.

During the fiscal, RINL redeemed Rs 550 crore towards Preferential Share Capital taking the total redemption to Rs 2,637 crore.
It paid an Interim Dividend of Rs 14 crore and Rs 11.35 crore on Preference Shares and Ordinary Equity Shares respectively to the Government of India.

"The total dividend pay-out is 40.64 per cent against 25.28 per cent paid in previous year of PAT," RINL added.