Mill modernisation & expansion done

Steel Authority of India Ltd (SAIL) has almost finished its balance Modernization & Expansion Program and improved Earning Before Interest, Taxes, Depreciation and Amortization (EBITA) through persistent strategic approach.

Persistent strategic approach to improve operational profitability has assisted SAIL’s profitability in fiscal year 2018, Chairman and Managing Director Saraswati Prasad said.

SAIL improved EBITA in FY’18 to Rs.5,184 crore, a substantial increase over FY’17, he told the company’s 46th Annual General Meeting held in Delhi on 20 Sept 2018.

The improved operational performance is backed by increase in Saleable Steel production, higher share of Concast production, improved product mix, improvement in BF Productivity, reduction in Coke Rate & Specific Energy consumption, reduction in specific wage bill etc.

The consolidated profit after tax was (-) Rs.281 crore for FY’18 as against (-) Rs.2,756 crore in FY’17.

Sighting positive outlook for global and domestic steel industry, he further said that growth in domestic steel consumption is strongly backed by robust development of India’s infrastructure sector.

It is further supported by 7.8% growth in domestic finished steel consumption during the FY’18, as a result of growing activities of steel intensive sectors, said Prasad. fiinews.com