Rashtriya Ispat Nigam Ltd (Visakhapatnam steel plant) has hiked steel prices by Rs 500 per tonne from December 1 in view of the market conditions, according to a press release.
The company achieved sales turnover of Rs 1,085 crore in November, registering a growth of 5 per cent. By-product sales of Rs 364 crore was also higher by 13 per cent.
The thrust was on achieving higher sales through RINL’s rural network, resulting in 59 per cent growth in rural sales during the month.
On the production front too, crude steel recorded a growth of 3 per cent supported by the growth in production of hot metal and saleable steel. Production was partly affected due to deficit in power supply from the Government but the situation is now likely to improve.
RINL's captive generation has also picked up with more availability of thermal coal from Coal India Ltd, the release added.