Indian steel producer Rashtriya Ispat Nigam Limited (RINL), wholly owned by the government, posted a net loss of INR 30.5 billion ($373 million) in the fiscal year 2022-23, as stated by the ministry of steel on Thursday, May 4.
RINL had posted a net profit of INR 9.13 billion ($112 million) in the fiscal year 2021-22.
The company achieved total sales revenues of INR 240.5 billion ($2.94 billion) in the fiscal year 2022-23, 15 percent lower year on year, according to the ministry.
It achieved finished steel production of 4.2 million mt, against a government target of 4 million mt for the year, from its 7.3 million mt per year capacity steel mill in southern port town of Vishakhapatnam.
Meanwhile, in a related development, the Group of Secretaries for Strategic Disinvestment on Wednesday, May 3, approved the sale of RINL’s newly-commissioned 100,000 unit per year capacity steel forged wheel plant in Uttar Pradesh to a private investor.
The sale of the forged wheel unit will reduce the debt burden of RINL and bring improved valuations in the privatization of the steel company, the process for which has already been started by the government.
