STEEL MINISTER REVIEWS Q3 PERFORMANCE OF SAIL
The Steel Authority
of India Limited (SAIL), a public sector undertaking of the Steel
Ministry, has improved its production and productivity during
October-December 2002 and has achieved cash profit of Rs. 215
crore against cash loss of Rs. 297 crore during the corresponding
quarter last year. During April-December 2002, there has been
a cash profit of Rs. 298 crore against cash loss of Rs. 434 crore
during the same period of the previous year. The net losses of
the company during these nine months have come down to Rs. 560
crore from Rs. 1290 crore during the corresponding period of the
year 2001. The company expects to break even during the fourth
quarter of this fiscal, apprised the SAIL chairman Shri V.S.Jain
to the Steel Minister Shri B.K.Tripathy while the later was reviewing
SAIL's third quarter performance here today.
The Minister asked
SAIL to make best use of the positive environment created for
the steel industry since the first quarter of 2002-03. He stressed
on right-sizing the man power strength to improve the productivity.
He appreciated the cost cutting measures taken up by SAIL and
steps taken to improve quality keeping in view the global standards.
He asked to expedite the business-restructuring package which
may bring immediate financial benefits to the company. The Minister
asked SAIL to further improve its exports and try to meet all
domestic demands. He said that all plants should strive hard to
produce above the target which would help a turn around next year.
The Minister expected that SAIL would improve all its techno-economic
parameters and achieve international standards. He was happy to
know that SAIL has been able to pay all its loan instalments in
time and reduce the interest burden.
The Chairman SAIL
was hopeful that during this fiscal the company would be able
to cut losses by around 60-70 per cent over the net losses of
last year and bring it down from Rs. 1700 crore to Rs. 600 crore.
He outlined the strategies undertaken by the individual plants
and SAIL to achieve the best performance this year.
