41st AGM of Rashtriya Ispat Nigam Limited (RINL) held

The 41st Annual General Meeting (AGM) of Rashtriya Ispat Nigam Limited (RINL), a Navratna PSU, was held today (on 29th September, 2023) at its Registered Office situated in Visakhapatnam. Shri Atul Bhatt, CMD, RINL, Chaired the Meeting. Shri Neeraj Agrawal, Director, Ministry of Steel (MoS) attended the AGM on behalf of the President of India as authorised nominee. Shri Deb Kalyan Mohanty, Director (Commercial), Shri Arun Kanti Bagchi, Director (Projects) & Addl. Charge Director (Operations), Shri Suresh Chandra Pandey Director (Personnel) & Addl. Charge Director (Finance) attended the AGM and Shri Sunil Kumar Hirani, Independent Director and Chairman of Audit Committee, Shri Ghanshyam Singh, Independent Director and Chairman, Nomination & Remuneration Committee attended the AGM. The Company Affairs Department coordinated the proceedings of the Meeting. Shri Atul Bhatt, CMD, RINL, addressed the shareholders of RINL/VSP and explained the position of the Company. In his address, he mentioned that as far as the performance of the Company in FY 2022-23 is concerned, it continued to be impacted by global energy crisis, muted export markets and liquidity constraints. The Company had to continue with two Blast Furnaces operation. During the period Apr-Oct’22, even the production from the two Blast Furnaces had to be restricted based on the availability of imported coking coals & PCI coal for injection in Blast Furnaces. However, with reduction in imported Coking Coal prices and easing of liquidity position, Hot Metal production from the two operating Blast furnaces was ramped up from the middle of Nov’22. Best production levels of 1.76 million tons “for any two Blast furnace operation since inception were achieved during the period Dec’22-Mar’23”. The capacity utilization achieved during the period works out to 106% considering the two operating Blast furnaces and 71% considering three installed Blast furnaces. With improvement in production levels and with improvement in market conditions, the Company had returned to cash profits of Rs. 81 Crores in the last quarter(Q4) of 2022-23 FY. During the year, the focus of the Company was to maximise the sales of Finished Steel and High End Value Added Steel. The sale of High End Value Steel (9,68,000 tons) increased to 27% of total domestic sales from 23% in the previous year. The Company established itself firmly as a major player in Boron WRC (Wire Rod Coil) segment by achieving a sales volume of 0.60 lakh tonnes, with a growth of 82% over previous year. Original Equipment Manufacturers (OEMs) approvals were received from 8 reputed customers for various grades of supplies. During the year, 11 new grades were developed and successfully launched in the market. The Chairman concluded his address by giving a brief on the way forward Planned by RINL stating that RINL is making continuous efforts to improve the liquidity position to enhance the production in all units and improve capacity utilization in 2023-24. He thanked all the Stakeholders, particularly the Ministry of Steel and other Ministries of GoI (Govt of India), the Government of AP, the Suppliers (Domestic and Overseas), Customers, Ancillary Units, Bankers, the People’s Representatives, the District Administration and various other agencies for the confidence and trust bestowed upon the Company and the opportunity given for its continued growth for achieving various milestones and also sought their continuous support in future.