The company has made a profit of Rs 740 crore in the last four months, while the Centre has announced that it will withdraw 100 per cent investment in the Visakhapatnam steel plant due to losses. Union Ministers have repeatedly said in Parliament that the privatization of the Visakhapatnam Steel Plant is a foregone conclusion. Part of it is bringing to the screen the reason for the losses. However, the Centre did not say whether the loss was a productive loss or a loss due to overpayments. Workers and parties in Visakhapatnam are worried about the privatization of the Visakhapatnam steel plant. The BJP alone is far from it.
In the past four months
Another thing came out in the background. Visakhapatnam Steel has made a profit of Rs 740 crore in the last four months. The matter was disclosed by the Right to Information. The gains were for the month of December to March. According to this, the workers say that it is clear what is the reason for the losses coming to Visakhapatnam Steel Company. Lack of own iron ore mines means having to buy from other companies. It will cost around Rs 5,000 per tonne. This is also due to the fact that the highest interest rates are charged on loans. Although the trade unions are saying the same thing, the Centre is not backing down.
Answer with work
Visakhapatnam Steel Plant is a company with the highest number of workers in the country. The employees of the firm strive hard every day by putting in their blood and sweat. Not to mention the failure to take action that would cause damage to the company .. Visakhapatnam steelworkers will not tolerate anyone who commits such acts. The dedication to protecting the company is evident in the workers. That is why no matter how many troubles come, Visakhapatnam Steel Plant has become one of the top companies in the country. Workers also set a record in production as concerns over privatization continued.
13 per cent growth over the past year
In the financial year 2020-21, Visakhapatnam Steel achieved a turnover of Rs 18,000 crore and record production of 20,400 tonnes. This is the second record production in the history of the Visakhapatnam Steel Plant. On the other hand, at a meeting of the Visakhapatnam Steel Ownership Board, he said that the Visakhapatnam Steel Company had grown by 13 per cent during the last year, recording a net profit of Rs 740 crore in the last four months. In March alone, it produced 7 lakh 11 thousand tonnes of steel and had a turnover of Rs 3,000 crore. The discussion took place in the presence of CMD PK Rath. In terms of net profit, it had a net profit of Rs 212 crore for December 2020, Rs 134 crore for January 2021 and Rs 165 crore for February as of March 31. 350 crore net profit. It will still take time to get the exact clarity on the final balance sheet. However, the unions say that the return on production in the next three months is not a trivial matter, as there are other taxes and unnecessary payments due to the lack of own mineral mines. Trade unions are questioning what it means to privatize a company by forcing losses on, while such profits are being made.
