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Steel Authority Of India

SAIL produces record 18.28 MT crude steel; 19.40 MT hot metal in FY23

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.

Updated On : 03 Apr 2023 | 2:35 PM IST

Govt to initiate closure of SAIL's steel unit in Bhadravathi: MoS Finance

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.

Updated On : 13 Feb 2023 | 5:46 PM IST

SAIL turns red with Rs 329 cr Q2 loss, expenses surge to Rs 27,200 cr

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

Updated On : 10 Nov 2022 | 11:02 PM IST