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BIZ-RINL


PTI kolkata India
Updated: 26-11-2018 17:13 IST

State-run Rashtriya Ispat Nigam

Ltd (RINL) was hopeful of a 20-per cent rise in production to

6 million tonne of hot metal, a top company official said on

Monday.

The long steel maker has also consciously decided to

expand its basket of obtaining key raw material iron-ore of up

to 50 per cent from sources other than NMDC Ltd.

"There is liquidity crunch caused by NBFCs in the last

one and half months. It has induced some impact but that will

get corrected.

"However, we are keeping our target of 6 million tonne

of hot metal this year, a rise of 20 per cent over the

previous year," RINL Chairman and Managing Director P K Rath

said on the sidelines of 'STEELIES India' 2018 Awards.

He said in the next fiscal, the aim is for 7 million

tonne of hot metal production.

"We have already sourced one-third of the requirement

recently from non-NMDC sources and are in constant dialogue

with various sources, be it state-owned entities or private

ones, to maintain adequate supplies," Rath said.

He said RINL was also open to long-term contracts.

The company was under pressure last year, after NMDC

failed to supply the key raw material due to environmental and

royalty-related restrictions resulting in lower production

from existing mines.

Meanwhile, Rath called for greater focus towards raw

material security, as the country vies for 300-million tonne

steel production by 2030-31.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

COUNTRY : India

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