The Hindu Business Line : SAIL turnover set to cross Rs 30,000 cr

STEEL Authority of India Ltd (SAIL) is all set to post a turnover of more than Rs 30,000 crore for fiscal 2004-05 with highest ever domestic sales of saleable steel at 10.3 million tonnes, according to an official release.

The company has recorded a five per cent growth in finished steel production during the year amounting to 9.28 million tonnes while domestic sales increased 8 per cent at 10.3 million tonnes.

The increase in domestic sales was on the back of lower export figures of 4 lakh tonnes against 11 lakh tonnes in 2003-04, the release added.

According to the company Chairman, Mr V.S. Jain, "Our continued enhanced performance proves that we are now well set on the path of sustained growth supported by internal strength. If the year 2003-04 was a year of turnaround for SAIL, the year 2004-05 marked a new beginning of sustained growth."

"This has been possible due to the dedicated support of employees," he said.

The company faced serious coal shortage during the years following which the company focused on optimising production of value-added products through the continuous casting (CC) route.

During the year production of plates increased by 15 per cent, bars and rounds increased by 8 per cent, production of rails went up by seven per cent and production of wheels and axles were up by 38 per cent.

The company also achieved the best-ever overall energy consumption of 7.28 giga calories per tonne of crude steel with a reduction of two per cent over the previous year. The coke rate recorded the lowest ever figure at 536 kg per tonne of hot metal with a reduction of one per cent over 2003-04.

During the year the company further consolidated its financial strength by reducing its borrowings by Rs 2,800 crore, leading to interest charges coming down by Rs 300 crore annually.

Labour productivity too improved by four per cent during the year to the level of 142 tonnes per man per year, the release added.

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