Steel Authority of India Targets to Double Exports in Fiscal 2021

SEATTLE (Scrap Monster): The state-owned Steel Authority of India Limited (SAIL) aims to significantly boost steel sales during the current fiscal year. The company hopes to double exports during this period.

The company press release said that it expects 5% year-on-year surge in its fiscal year steel sales, thereby hitting 15 million tonnes. It must be noted that the sales had recorded a 2.8% year-on-year rise in 2019-’20 to total 14.5 million tonnes. The rise in exports contributed to the increased sales. The company aims to double its steel exports to 2.4 million tonnes this fiscal, as compared with 1.18 million tonnes exported during the previous fiscal year that ended 31^st March, 2020. The major export destinations included China, Vietnam, the Philippines and the Middle East.

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The robust export volumes have led to notable reduction in inventories. Accordingly, the inventories as of 30^th June were 1.65 million. This compares with the levels of 1.7 million tonnes as of 31^st March.

The company had emerged as the largest domestic crude steel producer in the country during the previous fiscal. It had reported profit before tax of Rs. 3,170.66 crore and profit after tax of Rs. 2,021.54 crore. Also, the company reported annual turnover of Rs. 61,024.88 crore, despite challenging market conditions.