PSU NEWS
Steel companies unable to recover variable costs, : SAIL chairman.
NEW DELHI . Feb 24,2016
Prakash Kumar Singh, the new chairman of Steel Authority of India (SAIL), is an outsider to Delhi, having spent over 35 years at the public sector company`s plants. In an interview to TOI, his first interview after taking charge in December, Singh outlines his strategy at a time when the steel industry is going through tough times and justifies the protection given to domestic producers battling an onslaught of imports.
We are currently focussing on completing our remaining modernization projects and ramping up our production from 13 million tonnes (MT) to 20 MT over the next two years. SAIL has invested over Rs 70,000 crore in its modernization and expansion programme (MEP), including modernization of the mines. At this point, ensuring cost reduction remains the prime focus of all our activities. The global steel industry is going through challenging times and competition has increased manifold. In a situation like this, it is crucial to consolidate our domestic market share. Manpower is our biggest asset and every employee has to align with the company`s goal, think of themselves as the best employee in the industry and think like a global leader. This requires a massive communication exercise, which we have already initiated. An increase in volume with current available manpower would automatically bring the operational cost down thus improving company`s margins.
.Times of India
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