You are here: Home > Steel News > Latest Steel News > India’s...

India’s steel ministry sanctions $60 million for RINL, far short of requirement to sustain operations

Thursday, 26 September 2024 11:40:03 (GMT+3)   |   Kolkata
       

India’s ministry of steel has sanctioned $60 million for state-run steel producer Rashtriya Ispat Nigam Limited (RINL) to meet statutory dues but it is far short of the $298 million sought to meet funds required to procure raw materials needed to maintain operations, government sources said on Thursday, September 26.

According to the sources, the ministry of steel has put in restrictions on the $60 million fund stipulating that RINL only utilise it to pay the Goods and Service Tax (GST) and other outstanding statutory dues.

However, the steel producer needs a larger amount to meet working capital requirements to procure raw materials including coking coal to sustain operations.

RINL has already shut down two of its blast furnaces at its 7.3 million mt per year steel mill at the southern port town of Vishakhapatnam and has barely enough coking coal for three to five days of consumption to sustain the operations of its third blast furnace, sources said.


Similar articles

India’s Welspun Corp sees 26% fall in net profit in Q2 FY 2024-25

12 Nov | Steel News

Turkey’s Borusan Boru sees lower-than-expected results in Jan-Sept

12 Nov | Steel News

US rig count remains the same week-on-week while Canadian rig count decreases

12 Nov | Steel News

US pipe prices advance following Trump victory on anticipated import reductions

08 Nov | Tube and Pipe

Local Chinese steel pipe prices stable or down slightly

08 Nov | Tube and Pipe

Turkey’s hollow section prices continue to fall as negative pressures persist

08 Nov | Tube and Pipe

France’s steel product import value down 11.7 percent in January-August

08 Nov | Steel News

France’s steel product export value down 8.2 percent in January-August

08 Nov | Steel News

US issues final results of CVD review on LD welded pipe from S. Korea

08 Nov | Steel News

Poland’s Alchemia to sell pipe subsidiary Rurexpol

07 Nov | Steel News