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An external consultant would soon be appointed to review Steel Authority of India Ltd’s structure. Steel and Mines Minister Narendra Singh Tomar, who was undertaking a performance review of SAIL on Tuesday, said that the consultant will have the mandate to identify critical projects and bottlenecks therein as well as recommend a holistic operation and marketing strategy. The consultant will also propose a time-bound and outcome-oriented turnaround strategy in coordination with the Ministry of Steel.
Tomar also emphasised on the significance of cost reduction at all levels. The Minister was concerned about the company’s net loss in the previous quarter and pointed out the need for value added production and improvement in productivity.
The review meeting was also attended by Aruna Sundarajan, Secretary, Steel Ministry, who suggested that SAIL needs to act judiciously and reduce the cost of operations to attain positive margins in the second half of fiscal 2015-16.
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