SAIL crude steel output grows by 7 pc to 1.417 MT in Nov

On Friday, state-run SAIL said its production of crude steel increased by about 7% during November 2020 to 1,417 million tonnes (MT).

the Steel Authority of India Ltd (SAIL) said in a statement that the company produced 1,328 MT of crude steel in November 2019.

SAIL Chairman Mr. Anil Kumar Chaudhary said the November results reflected the company's ongoing efforts to rebound back to pre-COVID levels, coupled with improving market conditions.

SAIL has taken a variety of steps, both in the domestic and export markets, to increase its revenue. This has helped to reduce inventory levels as well as to a great degree to deleverage the balance sheet.

The company reported sales of 1.39 MT during November.

The company further claimed, “the continuous month on month improvement has ensured a growth of 2.7% in cumulative sales for the period April-November FY21 despite the challenges posed by COVID19 in the early phases of the Financial Year which had seen considerable reduction in demand and build-up of inventory due to the lockdown."

Under the Ministry of Steel, SAIL is the country's largest steel producer with a total installed capacity of approximately 21 million tonnes per annum (MTPA).

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.