Staff cheer VSP revival package but seek a permanent solution
Sumit Bhattacharjee The Union government’s revival package of ₹11,440 crore to the ailing Rashtriya Ispat Nigam Limited, the corporate entity of the Visakhapatnam Steel Plant, might have brought smiles back on the faces of its employees, but it may not be a permanent solution to the largest shore-based integrated steel maker. The revival plan envisaged that RINL would start full production with two blast furnaces in January 2025 and all the three blast furnaces becoming operational by August 2025. Since the inception, VSP is the only steel plant in the country that does not have captive iron ore mines and it has been depending on external sources,’‘ say members of SEA. Even as they feel buoyed by the package, this is what the staff say in unison: ‘‘Allot us captive iron mines and write off the debts to reduce the interest burden or merge the plant with SAIL, if VSP is to survive as an iconic steel maker for a long time, under the CPSE set up.’‘
Discover Related
JSW Steel shines on favourable prices, higher volume projections
Steel stocks rally on safeguard duty proposal—but the real test lies ahead
Commerce Ministry recommends 12% safeguard duty on certain steel products for 200 days
Steel prices to rise? India planning 12% import duty to protect domestic players
SAIL shares jump 4% today as steel stocks gain. Should you buy?
NMDC share price drops 3.5% as Kotak institutional slashes target price to ₹55
₹4.60 to ₹1180: Multibagger penny stock turns ₹1 lakh into ₹2.56 crore in five years
Mining engineers’ conference concludes; Stresses on key industry concerns
India remains stoic on Trump’s steel tariffs, latest in series of shocks