RINL sets Rs 18,000 crore turnover target for FY'16

NEW DELHI, Apr 2 (PTI) Rashtriya Ispat Nigam Ltd ( RINL) aims to achieve a turnover of Rs 18,000 crore in the current financial year.

"Turnover of around Rs 18,000 crore is fixed for 2015-16 and I hope it can be achieved with meticulous planning and execution," RINL CMD P Madhusudan said in a statement.

In 2013-14, RINL had posted 25 per cent growth in turnover at Rs 13,527 crore.

Madhusudan said the steel maker also needs to achieve 5 per cent reduction in conversion cost in each shop floor to improve profit margins.

The PSU targets 5 million tonnes of hot metal production in the current fiscal along with 4.9 million tonnes of liquid steel production.

The company is also expecting to achieve 4.3 million tonne of saleable steel production in 2015-16.

"The focus should shift from 'produce to sell' to 'produce to customer needs' in this competitive market," Madhusudan said.