SAIL PLANS 5 PER CENT GROWTH IN 2002-03

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The Steel Authority of India Ltd. (SAIL) in its Memorandum of Understanding 2002-03 with the Ministry of Steel has committed to attain 5 per cent growth in sales turnover compared to the year 2001-02. The total production of saleable steel during 2002-03 has been planned at 10.48 million tonnes. Out of this the contribution of four integrated steel plants will be 10.2 million tonnes and the production of the special plants would be 0.28 million tonnes. SAIL has planned an export of 0.3 million tonnes of iron and steel during the year and to reduce its stock of saleable steel by 50,000 tonnes. It aims at a gross margin of Rs.2110 crore and net profit of (-) Rs.800 crore during 2002-03. The PSU has undertaken to fulfil its commitment of rightsizing its manpower. It plans to separate 9000 employees during the years including the separation under VRS. It has plans to complete main R&D projects in plants during 2002-03 to ensure improvements in productivity and quality of process and product.