Vizag Steel Plant Sees 14 Percent Growth In Sales Turnover FY21

Visakhapatnam Steel Plant (VSP)  has achieved a sales turnover of RS 17,980 crore this year. Rashtriya Ispat Nigam Limited, the corporate entity of Vizag Steel, on Friday said its net loss for the financial year 2020-21 reduced to Rs 789 crore as against Rs 3,910 crore a year ago.

RINL held its 39th Annual General Meeting at Visakhapatnam in Andhra Pradesh on Friday. Atul Bhatt, RINL CMD in a press release said in spite of the impact of COVID-19 during the year, the company achieved a Sales Turnover of Rs 17,980 crore, with a growth of 14 percent over the previous year.

After the lifting of the lockdown, the production was increased by reverting to 3 Blast Furnaces operations. With improvement in market conditions, the company achieved Profit after Tax from December 2020, he added.

Even as the agitation against the privatization of the Visakhapatnam Steel Plant is continuing for the past year a VSP  set another record between the months of April and July. Steel sales in July stood at a record 540.8 tonnes and were up 35 percent when compared to last year. The workers have been striving hard to improve productivity and ensure profitability for the company.

Also Read: Amid Agitation Over Privatization, Vizag Steel Plant Sets Another Record