With a jump in production of value-added products and special steel from its plants across the country, Steel Authority of India Limited (SAIL) has registered best-ever production figures in May at 1.087 million tonnes, an increase of 11 per cent over the same month last year.
Production of crude steel, which stood at 1.152 million tonnes, was also the highest as against the previous best of 1.135 million tonnes logged in May last year. Production of value-added products and special steel also went up by around 8 per cent during the month.
The company said the production performance was likely to go up in the coming months as its ongoing Rs.61,870 crore expansion plan was in the progressive stage of being implemented. “SAIL hopes to add around 3 million tonnes hot metal capacity in the first half of the current fiscal and by the end of it, it is likely to go up to 19 million tonnes from 14 million tonnes per annum. “We expect steel consumption to clock higher in coming months on account of the inherent strengths of the economy. India’s steel consumption grew by just 3.3 per cent last fiscal,” SAIL Chairman C. S. Verma said.