The domestic
net sales realizations of the Steel Authority of India Ltd. (SAIL),
during the first half of this fiscal has gone up by 12% over the
corresponding period of last year. During the period, its production
has gone up by eight per cent and capital related charges have
been lowered substantially. It has posted a cash profit of Rs.
90 crore on an all time high turnover of Rs. 8,189 crore during
April to September, 2002. The Minister of Steel Shri B.K. Tripathy
today complimented SAIL for its improved financial performance
and asked to sustain this to eliminate losses in the coming period.
Minister was reviewing the performance of SAIL during the first
half of 2002-03.
Shri
Tripathy appreciated SAIL’s cost cutting measures, which has helped
save Rs. 153 crore. The plants, he said, should strengthen their
efforts to meet the annual target of Rs. 520 crore. Shri Tripathy
asked Rourkela Steel Plant (RSP) to step up production and sale
to make more profit. He hailed Bhilai Steel Plant (BSP) for its
endeavour to earn a gross profit of Rs. 527 crore and achieving
higher cost reduction of Rs. 72 crore during the first half of
2002-03.
The
Minister pointed out that the actual sales of the SAIL in the
second quarter of 2002-03 has been 1.97 million tonnes of mild
steel and 3,600 tonnes of pig iron which is less than achievements
of the corresponding period of the last financial year. He asked
the company to aim at achieving more than the target.
Shri
Tripathy was happy to note that SAIL, for the first time, has
got an export order for 5000 tonnes of galvanized sheets from
China in September, 2002. He asked the Chairman to make more efforts
to break new grounds in the export market. He also stressed on
expediting the business restructuring and bring down the manpower
to the desired level to improve profitability.
