Steel Authority of India (SAIL) has achieved highest ever sales in the month of Jul ’20 at 1.58 mn t, a sharp growth of about 50% y-o-y over 1.05 mn t in Jul ’19. This is for second month in a row when the company attained highest monthly sales after selling 1.27 mn t in Jun ’20. It sold 1.27 mn t in the domestic market while it exported 310,000 t of steel during Jul ’20, attaining a growth of 29% and 349% respectively over Corresponding Period Last Year (CPLY), the company informed in a press release.
Also, the company has been able to bring down its borrowings below psychological level of INR 50,000 crores through consequent improvement in cash collections despite lower prices compared to CPLY coupled with stringent financial measures.
Shri Anil Kumar Chaudhary, Chairman, SAIL commented, “The company is…………….. The efforts being put in have started showing in these record sales numbers, reduced inventory, improved collections and reduced borrowings. The Company is focused on reducing on its borrowings further towards meeting the expectation of all our stakeholders.”
“SAIL is in go-getter mode and ready to service the market requirement. The company has serviced the special requirements of Railways, Defence, etc. even during these challenging times and remains fully committed to do so in future as well”, he added.
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