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Sail snaps talks with BHP, Rio Tinto & Tatas
By siliconindia staff writer
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Wednesday, 03 March 2004, 20:30 IST
NEW DELHI: The inflow of funds in Steel Authority of India Ltd (SAIL) has revitalised its old expansion and upgradation plans. With the steel bigwig touching the highest production level of hot metal this fiscal, it has decided to carry upgradation plans on its own while shelving joint venture plans to raise capital, reports Economic Times.
Sources said SAIL is learnt to have snapped talks for a JV with BHP of Australia, Rio Tinto of Brazil and Tata Steel for mining at Chiriya Iron Ore mines owned by Iisco. Emboldened due to improving bottomlines, SAIL has decided to go ahead and reactivate mines on its own, they added.
The performance of Salem, Rourkela and Bokaro steel plants has improved this fiscal due to strengthening of both the international and domestic steel prices. SAIL plans to invest around Rs 800 crore per year in different upgradation and modernisation schemes to enhance the volume and quality of products. The company is planning to increase capacities in all its plants while engaging in large-scale modernisation, replacing old mills with new ones, said industry sources.
At present, the major units of SAIL on an average are operating at more than 103% capacity utilisation. SAILs continuous casting units are operating at around 120% of capacity level.