Tuesday, March 21st, 2023 17:42:18

SAIL set to leverage domestic growth potential, banks on new product mix

Updated: October 22, 2017 3:14 pm

Addressing the 45th Annual General Meeting of Steel Authority of India Ltd. (SAIL) held here today, Chairman SAIL, Shri PK Singh was confident of improvement in Company’s performance starting this financial year (FY 2017-18) backed by several management initiatives in every area of operations. Shri Singh said that, “Given the current stage of development in Indian economy and the likely growth path for Country’s economy in next decade, the steel demand in India will witness significant growth in future. SAIL with newer and better technologies at its disposal aims to leverage potential of growth in steel demand by operating at rated capacities, product differentiation and customer satisfaction.” World steel association too, in its short range outlook has a forecast of 6.1% growth in steel consumption for India in 2017. The Company since inception has produced 475 Million Tonnes (MT) of Crude steel and has partnered in all major national projects requiring steel. Shri Singh added that, “the Company achieved 14% higher turnover during FY 2016-17 over previous year owing to increase in both sales volume (which grew by 8%) and Net Sales Realisation (NSR) of Saleable Steel of five Integrated Steel Plants by about 6%. The increase in NSR was partly due to an overall improvement in price levels and partly due to measures in enriching Company’s product mix.”

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