RINL Forges Strategic Partnership: Restarting Of Blast Furnace-3 Marks A Turning Point

At an interactive meeting held with representatives of various trade unions at Main conference hall of RINL, today, Shri Atul Bhatt, CMD, RINL informed that RINL has successfully entered into a MoU with JSPL (Jindal Steel and Power Limited) for ensuring the much needed working capital support for raw material requirement for starting and operating the Blast Furnace-3 (BF-3) which is planned for blowing-in on 30th December, 2023 at a capacity of 2 Lakh tonnes of Hot Metal per month.

The arrangement with JSPL will ensure availability of about Rs 800-900 Cr for RINL in the form of working capital advance / raw materials required for consistent operation of BF-3, against which RINL will be supplying about 90,000 t of cast blooms every month from Steel Melting Shop-2(SMS-2) of RINL. This arrangement with JSPL will enable RINL to generate additional revenue from increased sales of about 1 Lakh tonnes of saleable steel even after supply of committed quantities to JSPL. This initiative will result in the monthly increase of sales turnover around Rs.500 Crores per month and is likely to reduce losses by about 50-100 Crores per month.

Highlighting the initiative taken by the RINL management towards enhancing the production at RINL, CMD RINL, Mr. Atul Bhatt, has appealed to all trade unions and the entire work force for their support in ensuring the sustained growth and profitability of RINL

Clarifying various queries raised by the trade unions, Sri Atul Bhatt, CMD, RINL said that RINL management is always implementing the best possible initiatives for the sustenance and profitability of RINL, aligning with the interests of all stakeholders. The restarting/activation of the 3rd Blast Furnace at RINL is positioned as a strategic move to optimize production capabilities, thereby contributing to the overall improvement of RINL’s financial position. Sri Atul Bhatt asserted the RINL management’s determination to navigate challenges, ensuring the sustained growth and profitability of RINL in a competitive industrial landscape.

Shri AK Bagchi, Director (Projects) and additional charge Director (Operations) RINL, Dr. SC Pandey, Director (Personnel) and additional charge Director (Finance) RINL, Shri G. Gandhi, Chief General Manager (HR) and other senior officials were also present on the occasion.