Indian government owned and operated steel company Rashtriya Ispat Nigam Limited (RINL) has posted an 11 percent growth in pig iron production during the financial year 2016-17, chairman P Madhusudan informed shareholders on Wednesday, September 27.
The company chairman said that saleable steel production during the year was up 10 percent while finished steel production recorded an increase of 17 percent, year on year.
He also said that there was sharp rise of over 200 percent in the price of imported coking coal during the year but RINL was able to reduce the gross loss to $41 million during 2016-17, compared to $101 million in the previous year.
RINL operates a 6.3 million mt per year steel mill in the southern Indian port town of Vishakhapatnam.