VSP to free of debt this month
India's long producer Visakhapatnam Steel Plant (VSP) stated that it expects to free of debt this month by paying off its remaining Rupees 1 billion (approx. $21.84 million) of liabilities. In the first five months of 2003, company's turnover amounted Rupees 21.3 billion, up by 27% compared to same period last year. Furthermore, the plant showed the best performance in August 2003 and reported a record profit of Rupees 5.5 billion. In April-August 2003 period, VSP produced 1.7 million tons of hot metal, 1.5 million tons of liquid steel, 1.3 million tons of saleable steel and 57'000 tons of value-added steel. In addition, the company estimates a net profit of more than Rupees 8 billion for this year.