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Shri Ram Vilas Paswan, Minister for Steel, Chemicals and Fertilizers has stressed on the need to expedite action on acquiring coal mines to ensure continued supply of coal for Rashtriya Ispat Nigam Limited (RINL) (Visakhapatnam Steel Plant) . Shri Paswan has also advised the Company for looking at Joint Venture(JV) formation as a long term solution to meet the increasing demand for the raw materials. The Minister was reviewing the performance of the Company for the first half of the financial year 2004-2005 here today. Shri Manoranjan, Secretary(Steel), Shri Y.S.S.Rao,CMD of RINL (VSP) and Senior Officials of the Ministry of Steel were also present at the review.
Expressing satisfaction that the Company has achieved a net profit of Rs. 854 crores which is the best performance for the first half of any financial year since inception, Shri Paswan observed that this should not be a matter of complacency and called on the Company Management to maintain its competitive advantage in the volatile steel market.
Shri Paswan further stated that the Company management need to expedite on the expansion plans so as to meet the ever increasing demand and fully exploit the market potential . The CMD of the Company informed that the expansion plans to make 10 million tonnes of liquid steel by 2020 in phases has already been drawn up and action initiated.
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