RINL, the corporate entity of Visakhapatnam steel plant joined the Nation in celebrating the 78th Independence Day with patriotic fervour and gaiety at the sprawling Trishna grounds of Visakhapatnam steel plant on 15th August 2024.
Shri Atul Bhatt, CMD, RINL hoisted the National Flag and took the salute accorded by the CISF Jawans and inspected the parade contingent.
Addressing the employees and their family members on the occasion, Shri Atul Bhatt extended his warm Independence Day greetings to all the employees of RINL, their family members, to the members of CISF, Home Guards, Suppliers, Customers, Partners, Stakeholders and each one of well-wishers who have been associated with RINL in its long journey.
Speaking about the global economic growth, Shri Atul Bhatt said that advanced economies are expected to see a slightly accelerated growth from 1.6 percent in 2023 to 1.7 percent in 2024 and said that RBI has projected a real GDP Growth of 7.2% for the Indian economy during 2024-25.
World steel forecasts that this year demand will see a 1.7% rebound to reach 1,793 Mt. Steel demand is forecast to grow by 1.2% in 2025 to reach 1,815 Mt. India has emerged as the strongest driver of steel demand growth since 2021, and our projections suggest Indian steel demand will continue to charge ahead with 8% growth in its steel demand over 2024 and 2025, driven by continued growth in all steel using sectors and especially by continued strong growth in infrastructure investments.
“Given this background of global and domestic steel demand, RINL is firmly on the path of recovery and during the period, RINL concentrated on re-orientation of strategies to optimize product mix and concentrate on niche markets and high-end value-added products. The critical situation of the company was reviewed by a high level delegation of Ministry of Steel in May’24. The Union Minister of Steel and the Minister of State for Steel, immediately after taking over in July’24, reviewed the critical position of RINL, held discussions with the bankers and also visited the Visakhapatnam steel Plant”, Shri Atul Bhatt said.
“It is time for us to perform with utmost devotion and commitment. To maximize the returns within the available resources, we have to adopt 3-pronged approach of (i) Increase in production,(ii) Reduction in costs and (iii) Improvement in realizations”, said Shri Atul Bhatt, CMD, RINL.
To bring RINL back to profitability, Shri Atul Bhatt, CMD, RINL, Directors, all employees and all participants took “Sankalp Yatra (Pledge)”-a commitment for the long term good of the company and for the long term aspirations of all the employees.
Later, demonstrations by the Firefighting squad, Dog squad, Rifle reflex shooting teams of CISF enthralled the audience. A colour jet by the firefighting team of CISF reflecting the National Tricolour was cheered by the participants.
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