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SAIL's Saleable Steel Output Hits Record 18.4M Tonnes in 2023-24
The Steel Authority of India Limited (SAIL) has witnessed a notable upsurge in its production and sales figures for the fiscal year concluding on March 31, 2024, according to an official statement. There has been a commendable 7% increase in saleable steel output, reaching a peak of 18.4 million tonnes, surpassing the figures of the preceding fiscal year. Concurrently, SAIL has achieved its highest-ever sales volume, totalling 17.1 million tonnes, marking a growth rate exceeding 5% compared to the previous year.
In addition to the surge in saleable steel output and sales volume, SAIL has also observed a substantial 6% rise in hot metal production and a 5% increment in crude steel output throughout the fiscal year 2023-24. The company's hot metal production has reached an all-time high of 20.5 million tonnes, while crude steel output has ascended to 19.2 million tonnes, further solidifying its position in the steel market.
The stellar performance of SAIL has been attributed to its strategic alignment with the burgeoning demand in the steel sector, as stated by the Chairman, Amarendu Prakash. He underscored SAIL's unwavering commitment to bolster its production capacities while remaining adaptive to the dynamic market demands. Established on January 24, 1973, SAIL is a prominent central public sector undertaking headquartered in New Delhi, India, operating under the aegis of the Ministry of Steel, Government of India.
As of December 1, 2023, it boasts a workforce of 57,139 employees. With an annual turnover of ?105,398 crore (US$13 billion) for the fiscal year 2022-23, SAIL stands as the largest government-owned steel producer in India. Looking ahead, SAIL is poised to enhance its hot metal production capacity, with projections indicating a potential escalation to 50 million tonnes per annum by the year 2025, further solidifying its position as a major player in the steel industry.
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