Strong Steel Prices Helping SAIL to Cut Debt
Financial Express reported that Indian state owned steel maker Steel Authority of India Limited is targeting to bring down its debt between INR 15,000- 20,000 crore in the next couple of months. SAIL Chairperson Ms Soma Mondal told reporters “We will try to bring down our net debt to Rs 15,000- 20,000 crore in a couple of months but much depended on the movement of steel prices.”
Ms Mondol said that though the flat steel prices are stable, long steel prices are improving.
At the end of the first quarter of the current fiscal SAIL’s net debt stood at INR 30,000 crore, down from INR 35,000 crore at the fiscal end.