The Union Government has extended the 'navratna' status of Rashtriya Ispat Nigam Ltd (RINL) for one additional year, till November 2013.

RINL, the corporate entity of the Visakhapatnam Steel Plant, was accorded the 'navratna' status on 16th of November, 2010, with the condition that it would have to list itself on the stock markets within a time period of two years.

But, poor market conditions didn't allow the public sector company to launch its initial public offering (IPO) thus far. Thus, the public sector company was on the verge of losing its coveted `navratna' status. But the announcement by the Government gave it a much-needed respite.

Before extending the "Navratna" status, the ministry of steel and government gauged the public sector steel producer's performance on all fronts, including investments in expansion and modernization of plant.

Sales of the company's long steel products have picked up considerably over the past months, and the company is also expected to register steep improvement due to the dry season and increase in infrastructure work.

AP Choudhary, chairman & MD of RINL, appreciated the extension of the special status to the company, and claimed that the company had sketched a new strategy to reorient its product mix along the lines of the requirements of steel market.