Centre Assures No Privatization of Visakhapatnam Steel Plant, Announces Reconstruction Plans

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Visakhapatnam: The Central Government has announced that the Visakhapatnam Steel Plant (VSP) will not be privatized and will instead undergo reconstruction to enhance its operational efficiency. Union Steel Minister Kumaraswamy confirmed this decision after a series of meetings with steel plant representatives, trade union leaders, and officials. He was accompanied by Union Minister Bhupathiraju Srinivasavarma, State Minister Satyakumar Yadav, MPs Bharat and Kalishetti Appalanayudu, and MLA Palla Srinivasa Rao.

Addressing the media, Kumaraswamy acknowledged the steel plant’s struggles, noting that the industry initially thrived but started facing losses after increasing production capacity post-2014. Despite achieving Navratna status in 2014, the plant currently carries a massive debt burden of ₹35,000 crore. AP MPs highlighted the critical condition of the industry, prompting multiple reviews by the Centre.

Kumaraswamy emphasized the government’s commitment to resolving the steel plant’s financial and operational issues. He also reiterated Prime Minister Narendra Modi’s vision to achieve a national steel production target of 300 million tonnes. Additionally, the Centre has promised to address the concerns of steel plant workers within the next three months.