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SAIL is bullish on the demand for rails in the country and has decided to set up a new rail mill at an investment of USD 800 million, the company's Chairman Amarendu Prakash said on Saturday. The company has decided to go ahead with the investment plan despite not having any order indication from its largest buyer Indian Railways, Prakash said at a panel discussion at the Global Business Summit (GBS) in the national capital. The chairman said such kind of confidence is a result of growth oriented policies of the government. "Last week, we decided to put up an 800 million USD investment into a mill, because I am confident that railways will go nowhere and they will have to buy from me if I put up a mill. So, I have taken a decision like that. So, that is the kind of confidence that comes when the policies we know are growth oriented, and they are bound to continue," he said. Prakash said SAIL had been following up with the Railways for the past seven years for their future demand so
State-owned SAIL on Tuesday reported over 66 per cent decline in consolidated net profit to Rs 141.89 crore for the December quarter, on account of increased expenses. It posted Rs 422.92 crore profit for the year-ago period, the company said in an exchange filing. The company's total income, however, rose to Rs 24,723.43 crore from Rs 23,492.33 crore in the same quarter a year ago. Expenses surged to Rs 24,560.47 crore from Rs 23,140.81 crore in the year-ago period. In a separate statement, SAIL Chairman Amarendu Prakash said in the face of a challenging steel market characterised by declining prices and an influx of cheap imports, SAIL has managed to achieve higher EBITDA during the quarter under review compared to the corresponding period last year. "We expect that with appropriate interventions, the issue of cheap imports will be addressed and the government's drive on infrastructure development will bode well for the domestic steel industry while driving the demand further,"
Union Minister H D Kumaraswamy on Monday unveiled a Rs 20,000-crore expansion plan for domestic steel giant SAIL's Bokaro Steel Plant (BSL), which will augment its capacity to 7.55 million tonnes per annum (MTPA). The Bokaro Steel Plant, established in 1965, with the first blast furnace operation in 1972, initially had a capacity of 1.7 MTPA. "Union Minister of Steel and Heavy Industries H D Kumaraswamy visited Bokaro Steel Plant where he unveiled an ambitious expansion plan to increase production capacity. With an investment of Rs 20,000 crore, the brownfield expansion aims to increase hot metal production from the current 5.25 MTPA to 7.55 MTPA, thereby strengthening India's momentum towards Aatmanirbhar Bharat in the steel sector," SAIL said in a statement. Apart from increasing production , the expansion plan will create 2,500 permanent jobs and 10,000 indirect jobs, it said. "The plant is now set for a massive overhaul with a new 4,500 cubic metre blast furnace, a thin slab ..
State-owned SAIL on Thursday said it has supplied 4,000 tonnes of special steel for INS Nilgiri, which was commissioned on Wednesday. INS Nilgiri, INS Surat, and INS Vaghsheer were the three Indian Navy warships commissioned at the Naval Dockyard in the presence of Prime Minister Narendra Modi in Mumbai. Steel Authority of India Ltd (SAIL) has supplied the entire 4,000 tonnes of special steel for INS Nilgiri. The special steel provided by SAIL includes DMR 249A grade hot-rolled (HR) sheets and plates, according to an official statement. SAIL's Bokaro Steel Plant contributed about 2,000 tonnes of HR sheets and plates, with an additional 1,600 tonnes and 400 tonnes of plates supplied by the Bhilai and Rourkela steel plants, respectively, the Ministry of Steel said. INS Nilgiri, the lead ship of the Project 17A stealth frigate class, represents a significant advancement over the Shivalik-class frigates. P17A ships are guided missile frigates, each of which are 149 metres long, with .
State-owned SAIL has been certified as 'Great Place to Work' for the second time in a row. SAIL secured the certification following a comprehensive survey conducted by Great Place to Work Institute, based on direct feedback from employees at SAIL. "Steel Authority of India Ltd (SAIL) has earned the prestigious 'Great Place to Work' certification for January 2025 to January 2026, awarded by the Great Place to Work Institute, India," the steel ministry said in a statement on Monday. The PSU was first certified for December 2023 to December 2024. "SAIL's consecutive certification as a 'Great Place to Work' reaffirms SAIL's ongoing dedication to foster an exceptional workplace culture and provide a positive employee experience built on trust, collaboration and employee empowerment," company's chairman Amarendu Prakash said. The Great Place to Work Institute is a global firm that recognises employers creating outstanding employee experiences through a rigorous evaluation process. ***
State-owned SAIL on Thursday reported a 31 per cent fall in consolidated net profit to Rs 897.15 crore in the September quarter, dragged by lower income. It had posted a Rs 1,305.59 crore net profit for the period ended September 2023, the company said in an exchange filing. The company's total income decreased to Rs 24,842.18 crore from Rs 29,858.19 crore in the second quarter of preceding 2023-24 financial year. Its expenses stood at Rs 23,824.07 crore as against Rs 27,768.60 crore in the year-ago quarter. In a separate statement, the company said its crude steel output fell marginally to 4.76 million tonnes (MT) from 4.76 MT in July-September last fiscal. Sales also decreased to 4.10 MT from 4.77 MT in the same quarter a year ago. SAIL Chairman Amarendu Prakash said, "We expect H2 FY25 to bring more promising results compared to H1 FY25, which was impacted by various challenges. Moving forward, with an expected downtrend in steel imports and projected growth in GDP and capital .
SAIL on Monday said it has signed an agreement with global resources company BHP to work on strategies for low-emission steel manufacturing technologies. Both companies signed the memorandum of understanding to support decarbonisation in steel making, the Steel Authority of India Ltd (SAIL) said in a statement. "This collaboration is an important step for SAIL and BHP in promoting lower carbon steelmaking technology pathways for the blast furnace route in India. Under this MoU, the parties are already exploring a number of workstreams supporting the potential decarbonisation at SAIL's integrated steel plants which operate blast furnaces (BF) with an initial study to assess various strategies to reduce greenhouse gas emissions (GHG)," it said. These workstreams will consider the role of alternate reductants such as the use of hydrogen and biochar for blast furnaces, to build local research and development capability to support the decarbonisation transition. SAIL Chairman Amarendu .
The government is considering merger of RINL with another state-owned steel company SAIL as one of the options to ensure survival of RINL's plant and resolve the financial and operational issues being faced by the Andhra Pradesh-based steel maker, sources said. To provide capital for continuity of operations at the RINL's steel plant, plans like sale of land parcel to NMDC and bank loans are also being worked out, they told PTI. The DFS secretary, steel secretary and top officials of public sector lender SBI also held a meeting recently over the RINL issue. SBI has significant loan exposure to RINL. "The government wants to provide a permanent solution to the issue. One of the options being discussed is the merger of RINL with SAIL," the sources said. Rashtriya Ispat Nigam Ltd (RINL), under the Ministry of Steel, owns and operates a 7.5 million tonnes plant at Visakhapatnam in Andhra Pradesh. It holds the distinction of being India's first shore-based integrated steel plant. SAIL
Shareholders of SAIL have passed a resolution to authorise its board to undertake 'material-related party transactions' up to Rs 9,000 crore with NTPC-SAIL Power Company, an exchange filing said Thursday. NTPC-SAIL Power Company is a joint venture between power generation company NTPC and steel maker SAIL. The resolution was passed by the members of the company at its 52 Annual General Meeting (AGM) in the national capital. The resolution was passed "to authorise the board to carry out the material related party transactions with NTPC-SAIL Power Company for an aggregate value of up to Rs 9,000 crore from April 1, till the AGM to be held in FY26," SAIL said in the filing. Another resolution was passed to authorise the board to carry out material related party transactions with Bokaro Power Supply Company for an aggregate value of up to Rs 4,500 crore from April 1, 2024 till FY26. Bokaro Power Supply Company is a joint venture between DVC and SAIL. The shareholders also passed a ..
SAIL, the country's largest steel player, is willing to participate in the Critical Mineral Mission, which aims to secure the country's critical mineral supply chain by ensuring mineral availability from domestic and foreign sources, the company's Chairman Amarendu Prakash said on Thursday. The Union Budget 2024-25 had proposed launching a Critical Mineral Mission for domestic production, recycling of critical minerals, and overseas acquisition of critical mineral assets. "FM Nirmala Sitharaman announced the Critical Mineral Mission. In that mission a lot of things will be discussed, all possibilities will be discussed. So we will be watching this and seeing what opportunities are there. "As the Critical Mineral Mission expands and things get discussed, we will be watching and seeing if there are opportunities for exploring something on SAIL's part," the Chairman told reporters on the sidelines of ISA Steel Conclave. The Critical Mineral Mission aims to secure the country's critica