We are fully geared to cater to increased steel demand: SAIL Chairman

NEW DELHI .  "We are fully geared up to cater to the increased steel demand in a cost effective manner by way of adoption of modern technology, automation, improvement in product quality, enriched product basket and process efficiency," said C S Verma, Chairman of SAIL  outlining the company's strategy for growth at the company's 42nd Annual General Meeting held here yesterday.

Future he said, "SAIL is finalizing its Vision 2025 document, which will steer the company to increase its production capacity of Hot Metal to 50 million tonnes, along with related/enabling business activities." Implementing the Vision 2025 would entail an investment of about Rs. 1,50,000 crore in addition to the investment made in the current phase of expansion.

During his address to shareholders Chairman, SAIL mentioned that the Maharatna company had achieved a 21% increase in Profit After Tax, logging profits of Rs.2,616 crore during 2013-14. For the financial year 2013-14.  He further informed that SAIL achieved the highest ever turnover of Rs.51,866 crore during 2013-14, registering a growth of 5%. The company further attained a total sales volume of 12.09 million tonnes in 2013-14 with a growth of 8.6% over last year. T

Chairman informed SAIL has been making an average expenditure of more than 10,000 crore each year for the past 5 years and it plans to make a capital expenditure of Rs. 9,000 crore on Modernization and Expansion during the financial year 2014-15 as well. that facilities of about Rs.26,000 crore have already been operationalised and further explained that cumulatively, orders for Rs.62,778 crore have been placed under the current Modernisation & Expansion Plan of SAIL. The expenditure till August, 2014 has been more than Rs. 55,000 crores. Press release.