India's RINL steel plans to produce steel products by 2020
India's state-run steel company RashtriyaIspat Nigam Ltd (RINL) plans to produce 6.4 million tons of molten steel and 5.8 million tons of steel products in the 2019-2020 fiscal year, a company official said.
RINL is likely to sign a memorandum of understanding (MoU) with the Indian steel ministry on the production targets in the first week of June, the official said.The document is in its final stages of completion and is expected to be signed next week.According to the memo, the company aims to produce 6.4 million tons of molten steel and 5.8 million tons of steel products in the 2019-2020 fiscal year.
In the 2018-2019 fiscal year, RINL has only produced 5.5 million tons of molten steel, compared with its original target of 6.1 million tons.The actual output of 5 million tons of steel products was also lower than the original target of 5.5 million tons.
The agreement will be signed by Binoy Kumar, secretary of the ministry of steel and P K Rath, chairman and general manager RINL.
Every fiscal year, Indian state-owned enterprises set production targets and sign agreements with relevant government authorities.
The company's marketing director said last month that its target turnover for the 2019-2020 fiscal year was rs250bn, compared with rs208.44bn in the previous fiscal year.
RINL is the corporate entity of Visakhapatnam steel mill, which produces a variety of specialty steel products, including wire rods and round and square billets of different grades and sizes.