SAIL Chairman confident of improved performance in 2017-18

Speed Post News Network

New Delhi : Addressing the 45th Annual General Meeting of Steel Authority of India Ltd. (SAIL) held here on September 22, 2017, SAIL Chairman P K Singh was confident of improvement in company’s performance in the financial year 2017-18 backed by several management initiatives in every area of operations.

Singh, according to a PIB release, said, “Given the current stage of development in Indian economy and the likely growth path for Country’s economy in next decade, the steel demand in India will witness significant growth in future. SAIL with newer and better technologies at its disposal aims to leverage potential of growth in steel demand by operating at rated capacities, product differentiation and customer satisfaction.”

The World Steel Association too, in its short range outlook, has forecast a 6.1% growth in steel consumption for India in 2017. The SAIL since inception has produced 475 Million Tonnes (MT) of crude steel and has partnered in all major national projects requiring steel.

Singh added, “ The SAIL achieved 14% higher turnover during FY 2016-17 over previous year owing to increase in both sales volume (which grew by 8%) and Net Sales Realisation (NSR) of Saleable Steel of five Integrated Steel Plants by about 6%. The increase in NSR was partly due to an overall improvement in price levels and partly due to measures in enriching Company’s product mix.”

Throwing light on company’s new initiatives towards remodelling its operations, Singh said, ” Drives including SAIL steel – Gaon ki ore, a campaign designed to boost SAIL steel consumption in rural India, SAIL Uday for improving SAIL’s all round performance, SAIL management’s large group interactions at every Plant – for improving cross functioning within organization, adopting social media at large to engage a larger audience etc. will all translate into stronger performance.” At a time when domestic steel demand is improving on back of government backed policies and developmental goals, SAIL is also expeditiously equipping itself to serve market requirements fully and claim broader market share, he said, according to the PIB release.