While various trade unions’ and employees’ protests against the Modi-led government’s decision to privatise Rashtriya Ispat Nigam Ltd, the corporate entity of Visakhapatnam Steel Plant (VSP), chairman and managing director P K Rath of the company dropped an update which came as a ray of hope.
Announcing that the entity has set new milestones in the sales turnover and net profit, Rath stated that RINL has achieved a net profit of Rs 740 crore in the last four months. The company achieved a record sales turnover of around Rs 18,000 crore, the second-highest since its inception.
According to the numbers released, sales volumes reached 4.45 million tonnes recording a growth of 4 per cent. “On March 23, there was a record production of 20,400 tonnes of hot metal in the steel plant,” Rath stated.
Followed by which, trade union leaders said the workers who wanted to prove to the Centre that if given an opportunity, they could completely turn around the company’s financial position worked even harder to bring it back into profits. We have to wait and see if the centre worked have second thoughts after the recent profits.