Indian state-run steelmaking and mining company Rashtriya Ispat Nigam Limited (RINL), also known as Vizag Steel, has announced that it has registered a 15 percent growth in sinter production in December, reaching 528,000 mt, the highest-ever monthly figure. The company's iron and steel production increased by five percent to 270,000 mt in the given month.
Despite tough market conditions during December 2012, RINL's sales improved by 13 percent compared to the previous month. With the expectations that the steel market is likely to improve coupled with signs of increased steel demand and prices firming up in domestic as well as global markets, RINL has increased its steel product prices by approximately INR 500/mt ($9/mt) in January 2013.
Additionally, RINL has started structural and equipment erection works for its 120 MW captive power plant. It will utilize blast furnace gas for power generation. At an estimated cost of INR 6.7 billion ($123 million), the power plant is crucial to RINL's capacity expansion to 6.3 million mt and to meet the plant's power requirements.