Rashtriya Ispat Nigam Limited (RINL) has reported its highest hot metal and crude steel production of 540,000mt and 500,000mt, respectively, in December 2020 since its inception, the company tweeted.
Company officials told Davis Index that RINL sales have also increased by 13pc to 472,000mt in December compared to the previous month.
RINL CMD PK Nath informed the media that their sales turnover has crossed Rs21bn in December after a gap of 20 months. The company achieved a net profit of Rs1.7bn in the month, after a gap of 29 months. He further added that favorable market conditions and record production of 113 heats per day of liquid steel, which translates to 98pc capacity utilization of their 6.3 mn mt, made the feat possible.
The company has also hiked long product prices by around Rs3,000/mt ($41/mt) in two tranches since the beginning of January.
($1=Rs73.14)