Steel Authority Of India

State-owned SAIL has produced a record 18.28 million tonnes (MT) of crude steel during financial year 2022-23, registering a year-on-year rise of 5.3 per cent. The production of hot metal also rose by 3.6 per cent to 19.40 MT during the financial year ended March 31. In a statement, the Steel Authority of India (SAIL) said it has achieved the best-ever annual production during FY23. "The company recorded 19.409 MT hot metal and 18.289 MT crude steel production with a growth of 3.6 per cent and 5.3 per cent, respectively over the previous best in FY22," the statement added. The steel giant further said it is continuously ramping up its production over the years with a focus on more value-added and special-steel production. SAIL, under the Ministry of Steel, is the country's largest steel producer with an annual installed capacity of around 20 MT. It has five integrated and three special steel plants across various locations in the country.

The government has decided to shut SAIL's loss- making Visveswaraya Iron & Steel Plant (VISP) at Bhadravathi in Karnataka, Parliament was informed on Monday. The government had originally planned for privatising VISP and had invited Expression of Interest (EoI) for selling SAIL's 100 per cent stake in the unit in July 2019. However, in October last year, the government decided to scrap the strategic disinvestment plans of VISP due to low bidder interest. In reply to a question in the Lok Sabha, Minister of State for Finance Bhagwat Karad said the shortlisted bidders had expressed inability to participate in the sale process of VISP. "On account of old machinery, sub-optimal size, continuous losses and shutdown of blast furnace for a long time, it has been decided to initiate the process for closure of this unit," Karad said. The Cabinet had in October 2016 cleared strategic disinvestment of SAIL's 100 per cent stake in VISP.

State-owned Steel Authority of India Limited (SAIL) on Thursday slipped into red posting a consolidated loss of Rs 329 crore during the quarter ended on September 30, 2022. It had clocked Rs 4,338.75 crore net profit during the July-September period of the preceding fiscal, SAIL said in a BSE filing. The company has also reported a fall in its total income at Rs 26,642.02 crore from Rs 27,007.02 crore in the same quarter a year ago. Its expenses increased to Rs 27,200.79 crore as against Rs 21,289 crore in the year-ago period. SAIL has also reported a fall in its crude steel output as well as sales. Its crude steel output fell to 4.30 million tonnes (MT) during the quarter under review from 4.47 MT in July-September period of FY22. Sales shrunk to 4.21 MT from 4.28 MT a year ago. A query seeking chairman's comments on the company's financial and operational performance during the September quarter remained unanswered. SAIL, under the Ministry of Steel, is the country's largest s

But strong domestic demand and cooling raw material prices encourage manufacturers to stay the course on capex plans

A stranded ferry from the Visakhapatnam port is cited to be the reason for plunging it into a deep crisis.

Public sector undertakings (PSUs) in non-strategic sectors shall be considered for privatisation, or they shall be closed, said Minister of State Finance Bhagwat Karat in Rajya Sabha.

Until major hurdles are not conquered by Metal index, the turnaround scenario may fade sooner

The 508-km project, scheduled for completion in October 2028, will connect Mumbai and Ahmedabad with a high-speed rail track where trains will travel at a speed of 320 kms per hour

Now, beginning June, steel mills are expected to announce a cut for monthly contracts

This is the company's second cryogenic air separation unit at the Bokaro plant in Jharkhand and is also the largest investment in a new oxygen plant

Its consolidated income during the quarter increased to Rs 25,398.37 crore, from Rs 19,997.31 crore earlier

"Traders are expected to stock up cheap imports creating huge inventories in the coming months ahead of an anticipated demand boom in the sector," said an official of a large stainless steel firm

Following share sale, govt's stake in SAIL will decline by 10 percentage points from current 75%

The overall trend of Infosys is optimistic with a rally expected to move in the direction of Rs 1,500 level, as per the weekly chart

On offer are 206.5 million shares, or 5% of company's stock, at a floor price of Rs 64 a share, with option to sell another 5% if issue is oversubscribed

Company says net debt down 15% from a peak of Rs 52,290 cr as on April 30, 2020, to Rs 44,308 cr on Dec 31, 2020

Stocks of all major steel producers hit a new one-year high with Tata Steel leading the pack

At 02:15 pm, Nifty Metal index was the top gainer among sectoral indices, up 4% against 0.28% rise in the Nifty50 index

In a company statement, Mondal said that the first target is to improve the financial performance of SAIL

The gain in share prices has been supported by the rally in commodity prices