Indian steelmaker RINL to increase steel output by 40% by 2023-24

Tuesday, 06 October 2020 12:07:58 (GMT+3)   |   Kolkata
       

Indian state-run steel producer Rashtriya Ispat Nigam Limited (RINL) has set a target to increase its steel production by 40 percent to 7.3 million mt by 2023-24, RINL executive director A K Singh said in a statement on Tuesday, October 6.

Mr. Singh said that in the current year RINL would produce 6.1 million mt of pig iron and 5.3 million mt of liquid steel. “By 2023-24, RINL will produce 7.8 million mt of pig iron and 7.3 million mt of steel,” he added.

RINL’s operations were disrupted due to the lockdown imposed to contain the pandemic, he noted.

RINL and South Korean steel giant POSCO have set up a joint working group to facilitate implementation of a memorandum of understanding (MoU) signed between the two companies for the construction of a 5 million mt per year greenfield steel mill at the southern port town of Visakhapatnam with an estimated investment of $5 billion, Singh added.


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