CMD Ajit Kumar Saxena Reviews RINL's Performance and Strategic Initiatives During FY 2023-24

Rashtriya Ispat Nigam Limited Holds 42nd AGM; Highlights Achievements, Challenges, and Future Strategies

The 42nd Annual General Meeting (AGM) of Rashtriya Ispat Nigam Limited (RINL), a Navratna Public Sector Undertaking (PSU), was held on December 27, 2024, at its Registered Office in Visakhapatnam. The meeting was chaired by Shri Ajit Kumar Saxena, CMD (Additional Charge), RINL. Smt Sudershan Mendiratta, Director at the Ministry of Steel (MoS), attended the AGM as the authorized nominee of the President of India.

The AGM witnessed participation from key officials, including Shri Arun Kanti Bagchi, Director (Projects) and Additional Charge Director (Operations), Shri Suresh Chandra Pandey, Director (Personnel), Shri Ch S R V G K Ganesh, Director (Finance), Shri G V N Prasad, Director (Commercial), and Dr. Sanjay Roy, Government Director. The Company Affairs Department of RINL efficiently coordinated the proceedings.

Review of FY 2023-24 Performance

During his address, Shri Ajit Kumar Saxena reviewed the company’s performance for the financial year 2023-24. He highlighted achievements in production, cost management, and key projects while acknowledging challenges such as fluctuating market conditions, rising input costs, and operational hurdles.

He noted the company's robust performance despite global steel industry volatility and expressed optimism about RINL’s strategic initiatives aimed at sustaining its growth trajectory. "Our focus on optimizing production efficiency, enhancing product quality, and expanding market reach has allowed us to maintain a competitive edge," Shri Saxena stated.

Strategic Initiatives and Future Plans

The Chairman also discussed future strategies, including the adoption of advanced technologies to enhance productivity, sustainability measures aligned with green steel initiatives, and efforts to bolster domestic and international market share. He mentioned the company’s commitment to increasing the use of renewable energy and reducing carbon emissions as part of its long-term sustainability goals.

Acknowledgment of Stakeholders

Shri Saxena expressed gratitude to all stakeholders for their unwavering support, particularly the Ministry of Steel and other Government of India Ministries, the Government of Andhra Pradesh, suppliers, customers, ancillary units, bankers, people's representatives, and district administration. "Your trust and collaboration have been pivotal in navigating challenges and driving progress," he remarked.

Additional Highlights from AGM

• The company achieved significant milestones in production efficiency, maintaining its position as a key player in the Indian steel industry.
• RINL’s efforts to develop downstream products and enhance value-added steel production were also highlighted during the meeting.
• Special emphasis was placed on workforce training and upskilling programs, aimed at building a resilient and future-ready team.

The AGM concluded with a renewed commitment to fostering growth, innovation, and sustainability in RINL’s operations. Shri Saxena called upon all stakeholders to continue their collaboration in ensuring the company’s success and contributing to India’s steel sector development.

RINL remains dedicated to its vision of being a leader in sustainable steel production and a valued contributor to the nation's infrastructure and industrial progress.