Domestic steel major SAIL today said it has signed a memorandum of understanding (MoU) with South Korean giant Posco for technical collaboration for operational improvements.
"A MoU was signed on November 7, 2016, between POSCO and SAIL on technical collaboration for operational improvements and Human Resource Development," the state-run steel maker said.
SAIL Chairman P K Singh MOU is an important milestone in SAIL-POSCO's long standing relationship and in future the companies would be collaborating in many more areas.
During the April-December period, SAIL's total salessaw a
rise of16 per centat 9.66Million Tonnes (MT) over the year-ago period.
The total sales were at 3.27MT in the third quarterofFY'17, a jump of 12.5 per cent rise from the year-ago period.
"Thecompany alsoregistered highest ever9-month saleable steel production at 10.2 MT (million tonnes) witnessing a growth of 16.5 per centand 9.2 per centgrowthinQ3FY17 over CPLY (corresponding period last year)," the company statement said.
The growth in production and sales is driven by an all round improvement strategy of the top management by strengthening the entire value chain.
"During the9-monthperiod,exports volume considerably rose and morethan tripledas compared to CPLY,which arekeeping in line withthe company's conscious strategy toexpand globally," it said.
Owing to the improved sales volume across all products, SAIL's gross turnoverinthe third quarter ofFY'17 was higher by25.8 per centat Rs12,490croreascomparedyear ago period, it said.
"Registering a positive EBIDTA forthirdstraightquarter, thecompany recorded EBIDTA of Rs26crorein Q3FY17as compared to (-) Rs1052crore in Q3 FY16. The PAT for Q3 FY17 was(-) Rs 795 croreas against(-) Rs 1481 crorein CPLY," it said.
This is notwithstandingthe highglobalmetcoal prices during thequarterimpactingthe marginssharply alongwith rising interest and depreciation chargesdampeningthe financial performance.
Realising the crucial challenges faced by the steel industryand rising domestic competitionSAIL has already commenced the supply of long rails from its 1.2 million tonnes per annum (MTPA) new Universal rail mill, Bhilai.
Thecompany isin its final leg offinishingbalance modernisation projects,ramping up production from new millsand achieving its rated capacity soon.
