Finance Update

SAIL posts 8 per cent growth in crude steel production in FY19

SAIL reported a growth of 10%, 8%, 14% and 13% in respect of production of Hot Metal, Crude Steel, Saleable Steel and Sales respectively in the fourth quarter of FY19.

Apr 03, 2019, 04.23 PM IST

BCCL

KOLKATA: Steel Authority of India Limited (

SAIL

) produced 16.3 million tonnes (mt)

crude steel

in FY19, registering a growth of 8% over the previous year and clocking the best ever

saleable steel

production during the year. This was matched by SAIL’s highest ever total steel despatch at 14.86 mt during FY’19 due to a dedicated logistics set-up created by it recently. In line with its improved performance, the company managed to improve its turnover by 16% to Rs 66,100 crore, an official statement said.

SAIL reported a growth of 10%, 8%, 14% and 13% in respect of production of Hot Metal, Crude Steel, Saleable Steel and Sales respectively in the fourth quarter of FY19. The country’s largest public sector steel producer said production from new mills of its steel plants recorded marked improvement in FY’19, resulting in an enriched product basket. During the year, it posted the highest ever production of 9.85 lakh tonnes of UTS 90 Rail. The production of rails gained momentum in the second half of FY19, with 5.66 lakh tonnes of rails being produced, up 35% over the first half.

Anil Kumar Chaudhary, chairman, SAIL said FY19 was marked by the company’s turnaround in various parameters like production, techno-economics, cost of production, higher production of value added products apart from a ramp up in production from new mills and sales. The challenge for FY20 is much higher, he added, with a plan of 21% increase in production of crude steel and a similar growth in sales.

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Source

Prakash Poojary
Business Analyst

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