RINL aims at 40pc growth in steel production by FY'24

State-run Rashtriya Ispat Nigam Ltd (RINL) is planning to increase its steel production by 40 per cent to 7.3 million tonne by 2023-24, a company official said on Wednesday.

State-run Rashtriya Ispat Nigam Ltd (RINL) is planning to increase its steel production by 40 per cent to 7.3 million tonne by 2023-24, a company official said on Wednesday. The Navaratna public sector enterprise had produced close to 5 million tonne of liquid steel last year, he said.

The Visakhapatnam-based company planned to produce 6.1 million tonne of hot metal and 5.9 million tonne of liquid steel in the current financial year. "By 2023-24, the company will produce 7.8 million tonne of hot metal and 7.3 million tonne of steel," RINL Executive Director A K Singh said at a virtual programme organised by Indian Chamber of Commerce.

The steel maker's operation was disrupted due to the lockdown imposed to contain the spread of the COVID-19 pandemic, he said. RINL and Korean steel major Posco have set up a joint working group (JWG) to facilitate the implementation of an MoU signed between the two for a five million tonne per annum (MTPA) greenfield plant in Visakhapatnam with an estimated investment of Rs 35,000 crore.