Indian government-run steel producer Rashtriya Ispat Nigam Limited (RINL) has posted a net loss of INR 20.6 billion ($248 million) for the first half (April-September) of the fiscal year 2023-24, compared to a loss of INR 28.6 billion ($344 million) in the previous full fiscal year of 2022-23, according to data released by the government on Wednesday, December 6.
During the current fiscal year, the company has seen a steadily falling output of crude steel. Production has been falling from April onwards when it recorded an output of 415,000 mt, down to 368,000 mt in October, with the lowest volume of 246,000 mt seen in May.
“There is a fall in production in the current year due to liquidity constraints faced by the company,” Faggan Singh Kulaste, junior minister of steel, said in a reply in India’s parliament.
