Vizag Steel reports record results for 2003-2004 fiscal

Vizag Steel reports record results for 2003-2004 fiscal

Recent news in the market reports that, Indian steel producer Vizag Steel Plant (VSP) has achieved a turnover of Rupees 61.74 billion ($1.4 billion) in 2003-2004 fiscal, indicating an increase of 22%, when compared with the previous fiscal. Moreover, the company reported a cash profit of Rupees 19.72 billion ($451 million) and a net profit of Rupees 15.21 billion ($348 million). These figures indicate the highest results VSP achieved so far. Meanwhile, the company wiped out all its debts by November 2003. VSP produced 4.05 million tons of hot metal, 3.51 million tons of liquid steel, 3.17 million tons of saleable steel and 800'000 tons of special steel in the aforementioned fiscal. Domestic sales of the company increased by 21% to Rupees 54.06 billion ($1.24 billion) and exports rose by 28% to Rupees 7.68 billion ($176 million). The company is indicated as one of the lowest cost steel producers in the world.