The Steel Authority of India Limited (SAIL) attained a sales volume of 15.83 lakh tonnes in July 2020, which is its best-ever performance in the month of July and an impressive growth of about 50 per cent over July 2019 sales which was 10.59 lakh tonnes.
According to a press release, the company sold 12.73 lakh tonnes in the domestic market while it exported 3.10 lakh tonnes of steel during July’20, attaining a growth of 29 per cent and 349 per cent respectively over CPLY.
During these challenging times of corona pandemic, the company has reoriented its efforts towards strategic marketing and customer-centric operations leading to improvement in its performance, said the release. The July showing comes immediately after the record June sales.
The consequent improvement in cash collections despite lower prices compared to CPLY coupled with stringent financial measures, the company has been able to bring down its borrowings below the psychological level of Rs. 50,000 crore.
Anil Kumar Chaudhary, Chairman, SAIL, commented, “The company is working very hard and putting in a synergised team efforts in all areas to improve the overall performance. The challenging times have, in fact, ignited the zeal to stand stronger and explore every single opportunity before us. The efforts being put in have started showing in these record sales numbers, reduced inventory, improved collections and reduced borrowings. The company is focused on reducing on its borrowings further towards meeting the expectation of all our stakeholders.”