New Delhi, Nov 29 Public sector giant Steel Authority of India Limited (SAIL) has signed a Memorandum of Understanding (MoU) with John Cockerill India Limited (JCIL), the Indian arm of the global John Cockerill Group to join hands for cutting-edge technology in steel manufacturing.
The focus areas of this collaboration will be Cold Rolling and Processing for Carbon Steel, Green Steel and Silicon Steel - specifically CRGO (Cold Rolled Grain Oriented) and CRNO (Cold Rolled Non-Oriented) steels. Additionally, the partnership seeks to integrate green technologies into iron and steelmaking processes and incorporate advanced steelmaking technologies to enhance efficiency and sustainability, according to a SAIL statement.
"The MoU aims to leverage the combined strengths of the two companies, including cutting-edge technologies, extensive industry expertise and a shared vision for innovation and sustainability," the statement added.
The MoU was signed by Anil Kumar Tulsiani, Director (Finance), SAIL and Michael Kotas, Managing Director-Metals Division, John Cockerill India Limited in Mumbai.
SAIL said it remains committed to transforming traditional iron and steelmaking practices by adopting advanced, sustainable technologies.
With a steadfast focus on reducing carbon emissions and improving resource efficiency, the company is aligning its operations with the evolving demands of a dynamic market and to contribute to a greener, more sustainable future, the company statement added.
SAIL reported a standalone net profit of Rs 834 crore for the July-September quarter of the current financial year which represents a 32.7 per cent decline over the corresponding figure of Rs 1,241 crore during the same quarter of 2023-24.
According to a SAIL statement, the company's performance in the second quarter of the current financial year has shown improvement compared to the previous quarter. Revenue from operations, EBITDA, and sales volume all increased in Q2 FY'25 over Q1 FY'25. However, lower performance in Q2 FY'25 compared to the same period last year (Q2 FY’24) was influenced by factors like cheaper imports which led to a decline in prices.
The company's revenue was adversely impacted by the flood of cheap Chinese imports which led to a decline in steel prices. SAIL revenue came down by 17 per cent to Rs 24,675 crore during the second quarter compared to Rs 29,714 crore in the same quarter of the previous year.
SAIL Chairman Amarendu Prakash said, "We expect H2 FY'25 to bring more promising results compared to H1 FY'25, which was impacted by various challenges. Moving forward, with an expected downtrend in steel imports and projected growth in GDP & capital expenditure, the second half of FY'25 may yield better performance."
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