Rashtriya Ispat Nigam Limited (RINL) Chairman-cum-Managing Director P.K. Rath on Thursday exuded confidence that the sluggish market being witnessed by the steel industry would be overcome this year.
Mr. Rath hoisted the tricolour and inspected the guard of honour during the 73rd Independence Day celebrations organised at Ukkunagaram.
Addressing the gathering, he said the steel industry is the leading drivers of the economy as the country has become the second largest producer of crude steel in the world after China. The domestic steel demand is slightly sluggish at present. But, the allocation in the Union budget will give the market a boost, Mr. Rath said.
The CMD mentioned that the RINL had made remarkable strides this fiscal, with significant achievements by ramping up production from new units, increasing Pulverised Coal Injection in blast furnaces, introduction of heating of Coke Oven Battery-5, commissioning of new water reservoir Kanithi Balancing Reservoir-2 to meet the water requirement of expanded units.
The other achievements include production of 430 mm rounds for the first time in India for the RINLs Forged Wheel Plant proposed at Rae Bareli in Uttar Pradesh and launching of Retail Outlet Unit at Peda Gantyada.
However, the global economy was is undergoing a recession and its effects are being felt in India, he pointed out.
Mr. Rath exhorted the RINL employees to work in tandem to make the company the pride of the nation.