SAIL steel production grew by 9 percent from October to December 2020
4. February 2021State-owned Steel Authority of India Limited (SAIL) announced in early January 2021 that it was able to increase crude steel production by 9 percent to 4.37 million tons during the October-December 2020 period. A year earlier, the company produced around 4 million tons of steel during the identical period. SAIL CEO Soma Mondal said her company has been able to steadily increase production volumes over the past year. In the first quarter, there was a slight drop in sales due to the Covid 19 pandemic but they were able to offset this development with higher unit sales. “We have now reached the production level we had before the pandemic and even posted a slight increase in the last quarter,” Mondal said. She further said that domestic demand of steel will increase as the Indian economy is increasingly recovering and all industries are on the upswing.
According to a press release, SAIL has been able to reduce its debt to $6.07 billion by December 2020 from the historic high of $7.16 billion in April. The company plans to reduce more debt later this year. The Steel Authority of India Limited (SAIL) operates under the eponymous Ministry of Steel and is India’s largest steel producer, producing 21 metric tons annually. Steel is an important commodity for India. To curb imports of substandard products, including from China, the Bureau of Indian Standards (BIS) has submitted a draft of 150 mandatory quality standards for crude steel and steel products to the Ministry of Commerce. The BIS plans to make the standards mandatory by March 2021.
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