State-run steel major Rashtriya Ispat Nigam Limited has registered a 36% growth in steel exports during April-December 2014 as compared to the corresponding period of 2013. RINL's steel exports have increased at a time when total steel exports from India in the same period have dropped by 5.3%.
According to RINL officials, the steel plant registered Rs 518 crore worth of exports during April-December in the 2013-14 fiscal, whereas it increased to Rs 732 crore in corresponding period of the 2014-15 fiscal. RINL's overall export turnover during 2013-14 was Rs 747 crore, with sources indicating that the Visakhapatnam Steel Plant (VSP) is now targeting well over Rs 1,000 crore in the current fiscal.
RINL said it has opened up markets for its products in East African markets like Kenya, Ethiopia, Mozambique, South Africa, Tanzania, and Uganda, among other countries.
In order to increase its footprint in the global market, RINL has already opened an international marketing office in Colombo for marketing its products in the Sri Lankan market and also to export them to nearby countries from there once it sets up rolling facilities in that country.
RINL sources said rolling facilities in Sri Lanka will be operational from next month onwards following which raw materials such as blooms will be transported to the island country and the finished material will be shipped from Sri Lanka to global markets.
With export products hitting the market, RINL said it has started leveraging its shore-based location to increase exports with focus on South Asia, South East Asia, Middle East and African countries
Meanwhile, RINL in a release stated that it has been awarded the star performer award amongst large industries for its export performance by the Engineering Export Promotion Council (EEPC) under the Union ministry of commerce.
RINL chairman-cum-managing director P Madhusudan congratulated director (commercial) T K Chand and his export department team for achieving a strong growth in exports and the recognition received from EEPC. He urged the marketing collective to bring more laurels by increasing sales and strengthening RINL's market presence overseas. Along with the products of RINL, Brand Vizag also gets recognition in the international market, enhancing the image of Visakhapatnam as an ideal business destination, the release stated.
Source: The Times of India
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