PSU IN MEDIA
SAIL bets big on auto demand
New Delhi, Steel Authority of India Ltd (SAIL) is planning to set up a 1.2-million-tonne (mt) cold rolling mill for automobile grade steel at Rourkela.
SAIL chairman C.S. Verma said the demand for steel from the auto sector was set to rise as the worst phase for both the auto and steel sectors was over. “We have faced the worst period and I believe from here the level of auto sector play would only go up,” he said.
The company is planning to set up a 1.2mt per annum cold rolling mill at its Rourkela Steel Plant at a cost of around Rs 5,000 crore through a joint venture. The state-run company, which is ramping up its steel-making capacity to 24mt per annum from 14mt per annum, has already floated a global tender, inviting interest from potential partners.
“SAIL believes that there is a huge potential for such sheets in India and the demand is only going to go up in the coming days,” a company official said. The Telegraph
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