Vizag Steel FY12 sales up 26% at Rs 14,457 crore

Visakhapatnam Steel Plant (VSP) clocked sales of Rs 14,457 crore in 2011-12, a growth of 26% over the last fiscal. This was the highest-ever turnover registered by the state-run steel producer, VSP chairman and managing director (CMD) AP Choudhary said today.

Inaugurating a two-day `Partners Summit 2012' at Ukkunagaram here, he said the turnover target for the current financial year has been set at Rs 20,000 crore. The CMD said several new products from VSP's units will be launched this year.

An additional production capacity of 1.5 million tonnes will be added to the present three million tonnes capacity under an expansion scheme. Despite an increase in prices of input materials like iron ore and coke, the plant has maintained its quality and achieved a record turnover last fiscal, VSP director (commercial) T K Chand said.

The steel industry has a bright future as the Union government has announced to create infrastructure worth Rs 50 lakh crore in the 12th Five Year Plan (2012-17), Chand said. The summit was being attended by over 200 customers and vendors of VSP from different parts of the country. PTI