|SAIL CMD PK Singh|
"Cumulative expenditure (by SAIL) for various modernisation and expansion packages till December 2016 has been Rs 64,562 crore, including expenditure of Rs 2,324 crore during the financial year 2016-17 till December 2016," according to a latest government report.
Steel Authority of India Ltd (SAIL) has undertaken the modernisation and expansion of its integrated steel plants at...
Bhilai, Bokaro, Rourkela, Durgapur and Burnpur and special steel plant at Salem.
In the ongoing modernisation and expansion, the crude steel capacity is being enhanced from 12.8 million tonnes per annum (MTPA) to 21.4 MTPA.
The expansion of its plants -- Salem Steel, Rourkela, IISCO, Durgapur and Bokaro -- has been completed, the report said adding the new facilities are under operation and production ramp-up.
At Bhilai steel plant, Universal Rail Mill for supply of world's longest single-piece 130-metre-long rail along with rail welding line for production of 260-metre-long rails has been completed.
"Other facilities like ore handling plant part-A, 2nd sinter machine in sinter plant-3 and coke oven battery -- 11 are in regular operation and balance facilities viz bar and rod mill, blast furnace-8, steel melting shop-III etc are at advanced stages of execution," it said.
The country's largest steel maker had earlier said it reached the last leg of its Rs 70,000-crore modernisation programme but expressed concerns that post modernisation there would be 60-70 per cent jump in production capacity capacity, which is a challenge for the PSU as demand for domestic steel remained weak.
Amid challenging market conditions, state-owned SAIL today said it would make every possible effort to boost its profitability.
"Every possible effort would be made by the marketing team to boost the company's profitability through complete customer satisfaction," Steel Authority of India Ltd said in a statement.
Reviewing the strategic sales initiatives for 2017-18, charted out by the marketing team, SAIL chairman P K Singh said the "best-ever production and sales" have been achieved in the company's history last fiscal with 12 per cent growth in steel production and sales of over 13 MT
The Centre is planning to sell 10 per cent each in steel major SAIL. At present, the government holds 75 per cent in SAIL.
Steel Authority of India Limited is the largest steel-making PSU in India. SAIL produces iron and steel at five integrated plants and three special steel plants, located principally in the eastern and central regions of India and situated close to domestic sources of raw materials. SAIL manufactures and sells a broad range of steel products. The government of India currently owns about 75 percent of SAIL's equity and retains voting control of the PSU.
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