Visakhapatnam Steel Plant, popularly known as Vizag Steel (Telugu: విశాఖ ఉక్కు కర్మాగారం), is the most advanced steel producer in India with the help of German and soviet technology.its products have been rated the best in the world market.80% of its income comes from the exports of steel products to japan,Germany,united states, Singapore, Dubai,Australia,south american countries and many more.the company has grown from a loss making industry to 3 billion dollar turnover company registering a growth of 203.6% in just 4 years. Vizag Steel Plant has been conferred Navratnastatus on 17 November 2010.Founded in 1971, the company focuses on producing value-added steel, with 214,000 tonnes produced in August 2010, out of 252,000 tonnes total of salable steel produced.
On 17 April 1970, the then Prime Minister of India, the late Indira Gandhi announced the government's decision in the Parliament to establish a steel plant at Visakhapatnam. Planning started by appointing site selection committee in June 1970 and subsequently the committee‘s report was approved. On 20 January 1971 Mrs. Gandhi laid the foundation stone of the plant. Consultants were appointed in February 1971, and feasibility reports were submitted in 1972. The first block of land was taken over on 7 April 1974. M/s M.N. Dastur & Co was appointed as the consultants for preparing the detailed project report in April 1975 and in October 1977 they submitted a proposal for 3.4 Mtpa of liquid steel. With the offer for assistance from the government of the erstwhile USSR, a revised project evolved. A detailed project report for a plant with a capacity of 3.4 Mtpa was prepared by M/s M.N. Dastur & Co in November 1980. In February 1981 a contract was signed with the USSR for the preparation of working drawings of coke ovens, blast furnace and sinter plant. The blast furnace foundation was laid, with first mass concreting, in January 1982. The construction of the local township was also started at the same time.
A new company Rashtriya Ispat Nigam Limited (RINL) was formed on 18 February 1982. Visakhapatnam Steel Plant was separated from SAIL and RINL was made the corporate entity of Visakhapatnam Steel Plant in April 1982
Vizag Steel Plant is the only Indian shore-based steel plant and is situated on 19,000 acres (7,700 ha), and is poised to expand to produce up to 20 MT in a single campus. Turnover in 2011-2012 was Rs 14,457 CroresOn 20 May 2009 Honorable Prime Minister Manmohan Singh launched the expansion project of Visakhapatnam Steel Plant from a capacity of 3.6MT to 6.3MT at a cost of Rs. 8,692 Crores. But the investment was revised to 14,489 crores with the following classification:
Expenditure for the financial year 2009-10 Rs 1840 Crores.
Rs 5883 Crores since inception of the Project.
Total Commitment, including enabling works, steel procurement, Consultancy, Spares, etc. is Rs 11591 Crores as on 25.03.10.The expansion project is expected to become functional by 2012.it has been rated "the best place to work in India" for consecutive five years.
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