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Steel Authority of India Limited (SAIL) witness more than 16% growth its in first quarter of the current financial year 2022-23 (Q1 FY 23) over corresponding period last year.
It also recorded the best ever quarter one production.
The first quarter of FY’23 saw twin challenges of higher input costs and subdued market demand, both global and domestic, impacting the performance of the company.
High cost of production due to increase in imported coking coal prices had an impact on the bottom-line of the company.
The decline in global demand and prices for steel had a direct bearing on the domestic market and price realisation. Since peaking in April’22, the prices for steel have continuously remained under pressure during the quarter.
The Company, however, said that the construction and infrastructure projects have gained momentum which will boost the demand for steel products. The company is confident of improved performances in the second half of the current financial year with significant reduction in prices of imported coal and uptick in demand.
SAIL is a Central Public Sector Enterprises (CPSE) is India’s largest steel producer with around 17.43 MT of Hot Metal and 16.15 MT of Crude Steel production. With Annual Turnover of more than Rs. 61000 crores in 2019-20, SAIL is one of the ‘Maharatna CPSE’ of country and has been the pivot of the domestic steel industry has continuously moved with the times to carve a niche for itself among the leading steel producers of the World.
SAIL Plants together produce the widest spectrum of steel products in the country, covering both flat and long product segments, providing cost-effective and superior quality of products and services.
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