December 02, 2008

SAIL to play vital role in Indian steel industry growth

Steel Authority of India Limited is well poised to play a vital role in the growth phase of the country with its highly skilled and committed workforce, largely captive raw materials, nationwide marketing network and available infrastructure to support further expansions.

Mr SK Roongta chairman of SAIL while addressing shareholders at the company’s annual general meeting held in New Delhi stated that “SAIL’s strong financial performance in 2006-07 and in the first quarter of the current financial year has contributed to enhanced cash generation and further reduction in debt to equity ratio, which would provide a strong financial base to support the modernization and expansion programs being undertaken by SAIL.”

Mr Roongta added that “To contribute to the growth of the Indian steel sector and maintain its leadership position in the domestic steel market, the company has prepared a roadmap for enhancing its annual hot metal production to over 26 million tonnes through modernization and expansion programs being undertaken in all of its five integrated steel plants. The project completion schedules are also being compressed to the year 2010, against 2011-12 planned earlier.”