RINL posts 17% higher turnover in August 2013

KOLKATA: RINL, the second largest state owned steel company, has registered a growth of 9% in saleable steel during April-August 2013. Inspite of sluggish demand both in domestic and global markets, RINL achieved an impressive turnover of Rs 1,260 crore in August'13, which is17% higher than corresponding period last year (CPLY).

Between April-August 2013 recorded RINL recorded a sales growth of 6%. Of this, sales of saleable steel and special steels represent a growth of 8% and 13% respectively, over CPLY. The proportion of special steel in total saleable steel sales stood at 80% during April-August'13 compared to 77% in CPLY.

RINL has taken several initiatives to strengthen the rural market with the aim to increase consumption of steel in rural areas. This includes appointment of nearly 630 rural dealers up to August 2013.

In a statement issued on Tuesday, the steel major said market analysis indicates that sluggishness is likely to continue in the medium term given the weak micro economic fundamentals in domestic economy and slow recovery in global markets. To overcome this, RINL is continuously focusing on enriching its product basket with customized high end products to develop niche market.