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The Dollar Business Bureau  State-owned steel firms are not holy cows and these public sector undertakings (PSUs) should have to come out from their comfort zone in order to perform and to compete with the private players, said Steel Minister Chaudhary Birender Singh. “I have told my PSUs, especially those that produce steel, that there is a new environment where PSU is not a holy cow. You should perform and compete with your private players,” he said in an interview to PTI on Friday. The steel minister has warned that these PSUs can’t afford to just sit on their glories in this changing world scenario. “So, either perform or perish,” he said, in a blunt message. Singh suggested that the state-run organisations should expand their ...

The Dollar Business Bureau Chaudhary Birendra Singh, Steel Minister asked steel producers to find ways to ensure increased consumption of steel in the country. A statement released by SAIL at a customer meet in Jind (Haryana) on behalf of the minister said, “Domestic steel producers should take all steps to promote use of steel at the earliest as time is of essence in the fast changing business scenario.” The meet at Jind was organised to boost steel consumption in Haryana, by state-run steelmakers SAIL and RINL. Suggesting that the two Indian steel giants should quickly stabilise their modernised facilities and ensure that their performance is maximised to strengthen the domestic sector, the minister said, “Domestic steel industry should exhibit a sense of ...

The Dollar Business Bureau    Rashtiya Ispat Nigam Ltd (RINL), the corporate entity of Visakhapatnam Steel Plant, has signed an agreement with the Andhra Pradesh government to take up various projects with an investment of around Rs.38,500 crore. The agreement, signed during the ‘Sunrise AP Investment Meet’ being held in Visakhapatnam, aims at creating employment for around 3,000 people. The investments include expansion of RINL to 7.3 million tonnes per annum (MPTA) and modernization with an investment of Rs.3, 600 crore and further expansion to 11.5 - 12 MTPA at an estimated cost of Rs.25, 000 crore.  The MoU also ensures construction of Coke Oven Battery-5 and other projects at an investment of Rs.3,400 crore, besides establishment of a slurry pipeline ...

RINL registered a turnover of Rs.8636 crore during the first nine months of the current financial year. This includes export sales of Rs.935 crores The Dollar Business Bureau For its contribution to the countrys exports, RINL also bagged the Star Performer Award for 2013-14 for the second time in a row   State-run Rashtriya Ispat Nigam Limited (RINL) the corporate entity of Visakhapatnam Steel Plant registered its best ever performance in production and sales including exports during April-December, 2015 despite volatile market conditions. RINL, one of the navratna public sector units, registered a growth of 8% by achieving a turnover of Rs.8636 crore during the first nine months of the current financial year. This includes export sales of Rs.935 crores, representing an impressive ...

Source: PIB, Government of India The Union Minister for Mines and Steel, Narendra Singh Tomar chairing the Consultative Committee meeting of the Ministry of Steel and Mines, in Bengaluru, Karnataka on July 07, 2015. Source: PIB, Government of India   Union Minister of Steel and Mines Narendra Singh Tomar said that, so far India was the 4th largest steel producer in the world only after China, Japan and the US. However, during the first five months of this calendar year, India has achieved the 3rd position in the global steel production. The minister was speaking at the meeting of the Parliamentary Consultative Committee attached to the Ministry of Steel and Mines on July 7, 2015. He elaborated that Indian steel industry is ...