The Business Bytes
New Delhi, April 1, 2024 (TBB Bureau):
The Steel Authority of India Limited (SAIL) on Monday reported a remarkable 7 percent surge in saleable steel production, reaching an unprecedented 18.4 million tonnes for the fiscal year ending March 31, 2024 (FY24) as compared to FY23.
In addition to the surge in saleable steel, SAIL achieved its highest-ever sales volume, totalling 17.1 million tonnes during the same period, reflecting a robust growth of over 5 percent compared to the previous fiscal.
Furthermore, SAIL witnessed notable increases across various production metrics, including a 6 percent rise in hot metal production and a 5 percent uptick in crude steel output for the fiscal year 2023-24. Notably, the steel behemoth achieved record-high production figures, reaching 20.5 million tonnes of hot metal and 19.2 million tonnes of crude steel during FY24.
SAIL Chairman, Amarendu Prakash, credited this exceptional performance to the company’s strategic alignment with the escalating demand in the steel market. He underscored SAIL’s unwavering commitment to bolster its production capabilities further while remaining agile in response to evolving market dynamics.
