SAIL achieves best ever annual sales in FY20 with 2.8 pc growth

PSU Maharatna Steel Authority of India Ltd (SAIL) said on Wednesday it produced 16.15 million tonnes of crude steel during FY 2019-20 to emerged as a leading producer in the country.

The state-owned enterprise has also achieved the best ever annual sales of 14.5 million tonnes with a growth of 2.8 per cent over the corresponding period last year.

Its strategies to expand its market portfolio too yielded the highest ever exports of 1.18 million tonnes during FY20, marking a year-on-year growth of 54 per cent.

"SAIL has been continuously focussing on ramping up its steel production from new units which came up under modernisation along with optimally utilising the older units," said Chairman l Kumar Chaudhary.

"The company's well-coordinated production strategies leveraging augmented production capacities which were installed under the modernisation have started to fructify," he said in a statement.

In the near future, said Chaudhary, as the country comes out victorious in the fight against coronavirus, the market will definitely show green shoots of steel consumption and SAIL is fully geared up to cater to the steel demands.

In FY20, SAIL launched its branded SAIL SeQR TMT bars, a product which is a notch higher in its class in terms of various quality and safety aspects. About two lakh tonnes of branded SAIL SeQR TMT has already been sold.

"We also have been gradually increasing our share of exports and went for deeper penetration of the market with our world-class products including railway products," said Chaudhary.

SAIL continued the streak of sales growth consistently, especially from the third quarter onwards, when it registered a growth of 26 per cent in sales.

The company recorded the best ever despatch of 12,994 numbers of WAG9 wheels for electric locomotives, a product which is import substitution. It also supplied 7,295 tonnes of DMR plates to critical defence projects, a quantity which is also highest in the last five years.

SAIL has also recorded the highest ever rail production of 12.85 lakh tonnes of UTS 90 prime rails in FY20 with a 30 per cent growth. It witnessed 52 per cent growth in production of 260 metres rails, a part of the UTS 90 prime rails production for the Indian Railways.

( With inputs from ANI )

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