New Delhi, April 4 (LocalWire): The Steel Authority of India Limited (SAIL) saw a record production of steel during the 2018-19 financial year, the company said on Wednesday.
It produced 16.3 million tonnes (MT) of crude steel during the period, registering a growth of 8% compared to the previous financial year.
Production from new mills has recorded a marked improvement during the period, giving an enriched product basket.
Total steel dispatches from SAIL was the highest ever at 14.86 MT during the period due to a dedicated logistics set-up created by the company recently, it said in a press release.
The company saw a robust performance during fourth quarter with a growth of 10%, 8%, 14% and 13% in respect of production of hot metal, crude steel, saleable steel and sales respectively.
The production of rails got momentum in the second half of FY’19 with around 5.66 lakh tonnes of production and 35% higher than H1 figure.
In line with this improved performance, Company has managed to improve its turnover by 16% which now stands at Rs.66,100 crore, it said.
Appreciating the efforts of the employees SAIL chairman Anil Kumar Chaudhary said, “The FY’19 was a remarkable year for SAIL with a marked turnaround in various parameters like production, techno-economics, cost of production, higher production of value added products apart from ramping up of production from new mills and sales.”
However, he said that the challenge for next year is much higher with a plan of 21% increase in production of crude steel and similar growth in sales to catch on with fast growing domestic steel consumption backed up by increased demand from infrastructure and construction segments.