India: SAIL witnesses 14% q-o-q growth in crude steel production in Q3

The government-owned-and-run- Steel Authority of India (SAIL) has registered the best-ever quarterly production of Hot Metal, Crude Steel, and Saleable Steel during Q3, as per the company’s press release.

Key highlights:

• Crude Steel Production surged by 14% q-o-q
  SAIL’s crude steel production in Q2 FY ’21 was 3.82 mn t which increased to 4.37 mn t in Q3 FY ’21, on the other hand, the same climbed by 9% yearly. However, during Apr-Dec ’20 production dipped by 10% CPLY to 10.60 mn t.
• Hot Metal Production up by 16% q-o-q
  On a quarterly basis, Hot metal production of the company was up by 16% to 4.80 mn t in Q3 FY ’21. The preceding quarter’s production stood at 4.13 mn t. Similarly, the output was up by 12% from 4.30 mn t in Q3 FY ’20. However, the 9M performance of SAIL’s Hot Metal output was down by 10% to 11.60 mn t in FY ’21 compared to 12.84 mn t in FY ’20
• Saleable Steel Production spiked by 11% q-o-q
  During Q3, the manufacturer’s saleable steel production spiked by 11% to 4.15 mn t against 3.75 mn t in the preceding quarter, further increasing by 6% y-o-y basis. Meanwhile, in the duration of 9M FY ’21, output slipped by 8% to 10.20 mn t in comparison with 11.11 mn t in the same duration of previous fiscal.
• Saleable Steel Sales stretched marginally by 3% in Q3 FY ’21
  In Q3 FY ’21 company’s sales increased by 3% to 4.32 mn t compared to the previous quarter, along with an increase of 6% in the same period of FY ’20). In the nine months period from Apr-Dec ’20, SAIL’s steel demand was pushed up by 3% in comparison with 9M FY ’20. Steel sale was 10.49 mn t previous year.

“During this financial year, the company has continuously enhanced its production volumes. The first quarter was impacted due to the onset of the pandemic but gradually we have scaled up our performance by enhancing the volumes. It is heartening that the pre-covid levels have already been reached and the production has grown over CPLY in the last quarter,” Smt. Soma Mondal, Chairman, SAIL commented. On the front of improvement in steel consumption, she added- “The consistent growth reflects that SAIL is poised to grow steadily in future. The domestic steel consumption has a positive outlook as the economy is reviving and all sectors have started to pick-up. We are confident of seizing the unfolding opportunities in the steel market”.