Metro India News | AMARAVATI

The situation at the Rashtriya Ispat Nigam Limited(popularly kown as Vizag Steel Plant) has improved slightly after the central government announced an economic package, according to the steel ministry's latest annual report for 2024-25. Since the launch of the second blast furnace since October last year, the production capacity has increased to an average of 13,485 tonnes per day. Currently, both the furnaces are operating with 98% production capacity. 

The plant could not operate with full-fledged production capacity due to the financial crisis that engulfed it before the announcement of the economic package. With this, the company's sales turnover was limited to Rs 12,000 crores as of December 2024. The company's authorised shares rose from Rs 8,000 crores as on March 31, 2024 to Rs 15,000 crores as on December 31, 2024. Sales fell to Rs 12,429 crores as on December 31, 2024.

This resulted in a net loss of Rs 3,943.43 crores to the company. With the package announced by the central government, the company restarted the second blast furnace from October 28, 2024. The 2nd Blast Furnace was launched ahead of schedule and in December it exceeded its previous production capacity. The plant has been reorganized the distribution system to expand the market.

Like other production houses, a distributor/dealer system for the sale of TMT and structural products. The e-Suvidha portal has been made available to send its products to any remote part of the country. In terms of employees, the number of employees in the company has come down from 13,536 as on March 31, 2024 to 12,338 as on December 31, 2024. The plant’s production has been increased from 12.96 lakh tonnes to 13.28 lakh tonnes. 

It sold nearly 30,000 tonnes of steel lying in the godowns. The share in domestic steel sales has been increased from 57 per cent in 2023-24 to 63 per cent in 2024-25. It has increased its stake in high-end value steel sales from 31% to 35%. It earned an additional revenue of about Rs 336 crore from the sale of 95,200 metric tonnes of iron and steel scrap.