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Posted on Feb 19, 07:03PM | IBNS
New Delhi, Feb 19 : Union Steel Minister Beni Prasad Verma reviewed the performance of Steel Authority of India Ltd (SAIL) for Quarter-3 2012-13 here on Tuesday.
SAIL is a public sector company and is the largest integrated iron and steel producer in India.
He congratulated SAIL collective for crossing the Rs. 40,000 crore net worth mark for the first time in this year, since inception of SAIL.
Verma asked SAIL to take up all modernization work on priority and complete them at the earliest and also for improving its efficiency to improve profitability.
The Steel Minister noted that in Q3 of FY13, SAIL has recorded sales growth of 5.1% and production growth of 1.8% in saleable steel as against corresponding period last year (CPLY).
SAIL had also registered improvement in techno-economic parameters. However, the Minister expressed his concern over the decrease in profit of the company and asked SAIL Management to take necessary steps to improve the same.
Acknowledging successful efforts in the R & D area, Verma appreciated SAIL Bhilai Steel Plant for supplying tailor-made special soft iron magnetic plates for the prestigious India-based Neutrino Observatory project of Bhabha Atomic Research Centre.
He also encouraged SAIL's plants in Bokaro and Salem for starting production of IS 2062 E450 and E 350 HR Coils, for the Indian Railways by Bokaro and Salem plants of SAIL.
For SAIL's modernization and expansion projects, Verma noted the significant progress made by SAIL Rourkela and IISCO Steel Plants.
At IISCO Steel Plant, the new 7-metre tall Coke Oven Battery with latest CDCP technology has commenced production.
The dispatches from the new Sinter Plant at ISP have already begun. New 0.5 MTPA high-speed Wire Rod Mill of ISP is ready to commence operations.
At Rourkela Steel Plant, the new Sinter Plant 3 has commenced production; the new Coke oven Battery and 4060 m3 Blast furnace at this plant are also ready to commence production in the near future.