State-owned RINL has unveiled plans to produce 1 million tonne of special steel during 2017 -18 with an eye on higher market share in the segment.
"RINL's emphasis is on improving efficiency and ramping up production," a company statement today quoted CMD P Madhusudan as saying at the All India Special Steel Customers meet at Ukkunagaram near Visakhapatnam.
There is a growing market for value-added steel in India and RINL has already introduced new technologies in mills, he said yesterday, adding that strategies have been drawn up accordingly to improve market share in the special steel segment.
Madhusudan spoke of RINL completing modernisation of existing units and expressed confidence that the steelmaker will fare better this financial year with the operation of all the three blast furnaces.
He further said the PSU has already rolled out spring steel and spring steel flats for the first time in 80x16 mm size. It has started production of low alloy steel from structural and special bar mill.
Besides, "high carbon wire rod sales increased to around 15,000 tonne a month and RINL started producing low carbon cold heading quality (CHG) grade from wire rod mill-2", he added.
The special steel products produced by RINL would largely cater to the needs of the automobile industry, Indian Railways, general engineering and the like, he said.
Top officials of the company along with those from the automobile industry and Indian Railways were present.
Earlier, Steel Minister Chaudhary Birender Singh had asked steel PSUs to produce more special steel to cut down imports.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)