Steel Authority of India's Exports and Sales Hit New Peak

SEATTLE (Scrap Monster): The state-owned Steel Authority of India Limited (SAIL) recorded highest ever sales in July this year.

The steel sales during the month totalled 15.83 lakh tonnes in July 2020, which is the company’s best July performance in his history. Over the previous year, the sales surged higher by almost 50%. The sales in July last year were 10.59 lakh tonnes. Out of this, domestic steel sales accounted for 12.73 lakh tonnes, whereas the balance 3.10 lakh tonnes were exported out of the country. The domestic and export sales volume surged higher by 29% and 349% respectively.

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The stellar performance during July this year follows a similar one during the prior month, when the sales had hit record. The improved performance was mainly as a result of strategic marketing efforts implemented during the quarter. The robust cash collection efforts by the company have led to drastic cut in borrowings.

Anil Kumar Chaudhary, Chairman, SAIL noted that the company continues to remain focused on reducing its borrowings further. The company has been able to service the special requirements of various sectors including railways and defence, amidst challenging situations on account of the pandemic.

The company reported net profit of INR 2,021.54 crore in FY’20, marginally down from the prior fiscal.