Addressing the shareholders of Steel Authority of India Ltd. (SAIL) on Company’s 46th Annual General Meeting held here today, Chairman and Managing Director, SAIL Shri Saraswati Prasad said the persistent strategic approach to improve operational profitability assisted SAIL to improve the EBIDTA in FY’18 to Rs 5,184 Crore, a substantial increase over FY’17. He added that the improved operational performance is backed by increase in Saleable Steel production, higher share of Concast production, improved product mix, improvement in BF Productivity, reduction in Coke Rate & Specific Energy consumption, reduction in specific wage bill etc. In FY’18, after slimming losses by around 83%, Company’s Profit After Tax (PAT) on standalone basis improved to Rs (-) 482 Crore from Rs (-) 2833 Crore in FY’17. The consolidated profit after tax of the Company stood at Rs (-) 281 Crore for FY’18 as against Rs (-) 2,756 Crore in FY’17.
Shri Prasad said that SAIL has almost finished its balance Modernization & Expansion Program. He reiterated that FY’18 witnessed several landmark achievements through ramping up of new facilities and surpassing previous records in physical performance. SAIL achieved its highest ever production of Hot Metal of 15.983 MT, Crude Steel of 15.021 MT and Saleable Steel of 14.071 MT. It also clocked an all-time best performance of Continuous-Cast (CC) Steel production of 12.80 MT with a growth of 9% over previous best of 11.77 MT, achieved in FY’17. He added that, on the back of various new initiatives to improve productivity and efficiency across all Plants, every Unit has registered improvement. Bhilai Steel Plant’s new BF#8 ‘Mahamaya’ and SMS-III were commissioned during FY’18 and the Plant also supplied long rail panels (260 meters) to Indian Railways from new Universal Rail Mill, registering a growth of around 112% in FY’ 18. At Durgapur Steel Plant, Narrow Gauge Wheels from Wheel & Axle Plant and High Strength Structural E350 grade from Medium Structural Mill (MSM) were developed in-house. Rourkela Steel Plant’s New Plate Mill recorded a growth of 48.1% over CPLY by rolling more than 8 lakh tonnes and the Mill exported 1,27,000 tonnes of CE marked Plates to the European Market as well. With consistent efforts, Bokaro Steel Plant registered record production of Cast Slab at 3.276 MT (previous best: 2.990 MT) and highest ever production of CR Coil for sale at 0.916 MT against previous best of 0.776 MT.
Sighting positive outlook for global and domestic steel industry, Shri Prasad said that growth in domestic steel consumption is strongly backed by robust development of India’s infrastructure sector. It is further supported by 7.8% growth in domestic finished steel consumption during the FY’18, as a result of growing activities of steel intensive sectors. He said, SAIL continues to be the nation’s trustworthy steel supplier and SAIL steel is being used in country’s major developmental projects.
Office leasing across top 6 cities at 30.4 mn sq ft, 130% YoY growth in H1 2022: Savills
August 9, 2022: Office space absorption across India’s six major cities stood at 30.4 mn sqft registering a 130% year...
Chandni Chowk continues to rule Delhi’s commercial market roster for decades
By Sheetal Agrawalla, MD, Galaxy Group With 4-6 lakh daily footfall, Chandni Chowk is one of the most renowned and...
Reliance Smart Bazaar’s 2nd store in Delhi-NCR opens at Pacific Mall D21
Delhi NCR: The Pacific Mall D21 recently launched the Reliance Smart Bazaar store on the first floor of the mall,...
Planet Smart City, Tree-Nation partner to plant over 1,200 trees globally
August 9, 2022: Proptech company, Planet Smart City has partnered with Tree-Nation, a non-governmental organisation (NGO) which enables businesses and...
Brigade to develop land in South India
Bengaluru, August 9, 2022: Brigade Group has signed definitive agreements for prime land parcels in Chennai and Bengaluru, which have...
CBRE facilitates Rs 85 crore bungalow deal
New Delhi, August 8, 2022 – CBRE South Asia Pvt. Ltd, recently facilitated one of the biggest residential transactions in...
Interviews4 weeks ago
Building an ecosystem where people could work, play and entertain, says BHIVE CEO
New Launches4 weeks ago
Aludecor aims Rs 1100 cr turnover by 2025 from new products and exports business
News3 weeks ago
Happiest Minds purchases 2.4 lakh sq ft office space in Bengaluru
Tech Take4 weeks ago
Functioning of IoT sensors explained
News4 weeks ago
Office leasing in India records highest-ever quarterly growth of 18.2 mn sq ft in Q2’22
Tech Take4 weeks ago
IoT and M2M: How the two techs differ
Interiors4 weeks ago
Bonito Designs join hands with Gauri Khan, Manish Malhotra to offer bespoke home interiors to the first few customers
News3 weeks ago
125 new project registration applications in UP RERA during the period of Jan-June’22