SAIL SIGNS MOU WITH GOVERNMENT

---

The Steel Authority of India Limited (SAIL), a public sector undertaking of the Steel Ministry has signed 2003-04 Memorandum of Understanding (MOU) with the Government committing a financial turnaround during the current fiscal. The MOU envisages a higher saleable steel production of 10.58 million tonnes. SAIL has committed to continue its cost reduction exercise with a thrust on improvements in techno-economic parameters such as coke rate, specific energy consumption and enhanced production through the cost efficient continuous casting route.

It aims at achieving a higher sales turnover exceeding Rs. 20,000 crore during 2003-04. The MOU was signed by Mr. J.S.Gill, Secretary, Steel and Mr. V.S.Jain, Chairman, SAIL. During 2002-03, the company recorded an all time best production of 10.3 million tonnes and highest-ever sales of 10.1 million tonnes of saleable steel. The sales turnover of SAIL is likely to exceed Rs. 19,000 crore for the year, which would be yet another record.