Rourkela Steel bags cost management award

Rourkela Steel Plant (RSP) has won the runner-up award given by Institute of Cost and Works Accountant of India (ICWAI) for its excellence in cost management in the category 'Public sector manufacturing unit with turnover more than Rs one thousand crore'.

It is for the first time that the RSP has bagged this award. The jury for the award headed by former Chief Justice of India J S Verma, evaluated companies based on their continuous efforts towards adoption of new techniques, evolving innovative ideas and restructuring operations for better cost management.

Application of cost management techniques, various efficiency parameters, cost and financial information, capacity utilisation, labour productivity, assets and liabililties of the company, power and fuel consumption, working capital management, ratio analysis and cost reduction measures were the other criteria of the selection. Being an integrated steel plant.

RSP has 198 cost centres and adopts several cost techniques to attain the objective of overall cost control and cost reduction.