Steel Authority of India (SAIL) has posted an 8% growth in saleable steel production in the first nine months of the current fiscal year at 8.5m tonne, making it the highest ever for the period. Despite this, SAIL registered a fall in net profit at Rs 2,935 crore, mainly due to lower steel prices and input costs besides escalation of coking coal, SAIL said during its review by steel minister Ram Vilas Paswan.
Complimenting the PSUs performance, Mr Paswan asked SAIL, which has put in place a corporate plan envisaging an investment of Rs 3,500 crore by 11, to become a 22m tonne company, to closely monitor the implementation of the plan so that the goals outlayed in the plan were achieved. Mr Paswan also asked the PSU to adhere to the target set forth for each plant.
Sail has already spent Rs 498 crore on ongoing capital schemes in the first nine months of this fiscal.
In view of the national steel policys vision of achieving steel production of 110mt by 20, the minister emphasised the need for technology upgradation and increasing productivity.
For the second consecutive year, SAIL declared an interim dividened of 12.5% for 05-06, translating into an outgo of Rs516 crore. SAIL has also approved a corporate social responsibility and peripheral development policy of spending 2% of distributable profit for developing the surrounding areas of steel plants and their inhabitants by providing healthcare, educational and sports facilities and taking up women empowerment programmes-Agencies.
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| Posted : 3/27/2006 |
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