VISAKHAPATNAM | Jun 22, 2015: Union Minister for Steel and Mines Narendra Singh Tomar will review the performance of the Rashtriya Ispat Nigam Limited (RINL), the second largest State-owned steelmaker, including the challenges and opportunities ahead for performance will come up for review by here on Tuesday.

Mr. Tomar, reached here late Monday evening from Hyderabad, will discuss the challenges and opportunities ahead for the RINL, apart from about Prime Minister Narendra Modi’s maiden visit to Visakhapatnam Steel Plant next month to dedicate Rs.12,400-crore 6.3 million tonne expansion project to the nation. The turnover of the RINL turnover fell to Rs.11,718 crore during 2014-15 from previous year’s Rs.13,489 crore owing to market slump, flooding of cheap steel from China and Commonwealth of Independent States and high production cost .

The Ministry of Steel has set Rs.18,000 crore as the target for the current fiscal, whereas the internal target of the management is to make serious efforts to achieve Rs.20,000 crore. Last year’s turnover was also partly hit due to damage caused by deadly Cyclone Hudhud, which led to plant shutdown for some days.

(Source: http://www.thehindu.com/)