Mr CS Verma chairman of Steel Authority of India Limited last week said that notwithstanding the uncertainties in the global environment today, the Indian steel industry is poised for greater growth, catapulting India to the league of highest steel consuming nations of the world in the next decade.

Mr Verma apprised SAIL shareholders that the company is determined to meet its enhanced requirement of iron ore from captive sources, by augmenting production from existing mines and by developing new mines at Rowghat in Chhattisgarh and Chiria in Jharkhand.

Speaking about the company’s performance in the recent past, he informed that "Fiscal 2010-11 represented relentless improvements in production, product mix and efficiency parameters with respect to the previous year."

He said that to meet future challenges, SAIL is also working on a long-term strategic plan Lakshya 2020, which will steer the company towards meeting its strategic objectives of achieving profitability through growth and customer satisfaction.

(Sourced from www.indiainfoline.com)