SEATTLE (Scrap Monster): The state-owned Indian steel maker Steel Authority of India Limited (SAIL) announced plans to double its steelmaking capacity to 50 million tonnes by 2030. This is in accordance with the company’s Vision 2030 outlook, which has been formulated in line with the National Steel Policy 20017 announced by the government, which aims to attain a steel production capacity of 300 million tonnes in the country over the next decade.
In a letter to shareholders, Soma Mondal, Chairman, SAIL noted that the company has initiated working on the land bank study for the next phase of expansion. The company had announced expansion plans in 2006-2007, intended to increase its capacity from 12.8 million tonnes to 21.4 million tonnes. However, the expansion was delayed on account of global financial crisis that hit the world in 2008.
The letter mentioned that the modernization and expansion plan at its various facilities, including Rourkela, Burnpur, Durgapur, Bokaro and Salem Steel Plants and key facilities under the Bhilai Steel Plant have already completed. SAIL has incurred a cumulative gross expenditure of INR 68,267 crore till March this year, it said.
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