Visakha Steel Plant will not be privatised: Union Minister HD Kumaraswamy
Visakhapatnam: HD Kumaraswamy, the Union Minister of Heavy Industries and Steel, said on Thursday that the Visakha Steel Plant will be revitalized and would not be privatized.
A special package has been announced to put the Visakhapatnam Steel Plant on the road to profitability, according to Union Minister Kumaraswamy.
The usage of the special package for the steel factory was addressed at Kumaraswamy’s meeting with officials of the Visakha Steel factory.
Later, Kumaraswamy addressed the media with State Minister Satyakumar Yadav, MPs Bharat and Kalisetti Appalanaidu, MLA Palla Srinivasa Rao, and Minister of State for Steel Bhupathiraju Srinivasa Varma.
In addition to revealing that he would strive to address the issues at the Visakhapatnam Steel Plant and that the third furnace will also be begun in June, Kumaraswamy promised that the interests of the workers would not be compromised and that the issues would be remedied in three months.
He said that the predicament of the Visakhapatnam steel sector had been described by Andhra Pradesh MPs and that he had reviewed the Visakhapatnam Steel Plant several times after being appointed Union Minister.
By 2030, they want to have 300 million tons of steel produced nationwide, according to Kumaraswamy.
“The state currently ranks second in the world for steel production, and it should be noted that the development of the Visakhapatnam steel industry resulted in the deaths of roughly 30 people.” At first, the steel industry in Visakhapatnam had excellent results. According to Kumaraswamy, the Visakhapatnam steel industry was thriving till 2013–14 and was designated a Navratna in 2013.
Furthermore, Kumaraswamy said that the Visakhapatnam steel sector has been losing money ever since it was planned to boost output in 2014–15.
According to Kumaraswamy, there is a plan to withdraw investments from the steel sector in Visakhapatnam in 2021. He made it clear that the steel factory in Visakhapatnam will undergo renovations rather than being privatized. Due to the efforts of Andhra Pradesh Chief Minister Chandrababu Naidu, he disclosed that the Visakhapatnam steel factory presently owes Rs 35 thousand crores. He also added that a special package has been provided for the steel facility.
Prime Minister Narendra Modi wants to increase the nation’s steel output to 300 million tons, according to Srinivasa Varma, Minister of State for Steel.
He said that a special package has been announced to steer the Visakhapatnam steel mill toward profitability. He also mentioned that the efforts of CM Chandrababu and Kumaraswamy have resulted in the receipt of the special package.
