AMARENDU PRAKASH STATEMENT
SAIL FY25 net profit falls 23% to Rs 2,371 crore
Steel Authority of India Limited's consolidated bottomline saw a 22.66% decline for fiscal year 2024-25. The total income stood at Rs 1.03 lakh crore. The Board proposed a final dividend of Rs 1.60 per share. However, the company reported a strong fourth quarter with a net profit increase of 11.13%.
India's JSW Steel, SAIL in talks with Mongolia for coking coal shipments, sources say
JSW Steel and Steel Authority of India (SAIL) are in talks with Mongolian authorities to import coking coal, with JSW planning to buy 2,500 metric tons and SAIL 75,000 metric tons. Both companies are exploring logistics via Russia or China. This move is part of India's efforts to diversify coking coal supplies, reducing reliance on Australian imports.
SAIL-BHP to jointly forge steel decarbonisation plan
Steel Authority of India Limited (SAIL) and BHP signed an MoU to explore decarbonisation strategies for SAIL's integrated steel plants. They aim to assess alternative reductants like hydrogen and biochar, building local R&D capabilities and addressing greenhouse gas emissions in the steel industry.
SAIL Q1 Results: Net plunges over 60% as steel prices melt on import pressure
SAIL experienced a substantial decline in net profit, falling over 60% to ₹81.78 crore in Q1 of FY 2024-25, due to reduced domestic steel prices impacted by imports. Total income slipped by 2.61%. The company recorded an exceptional gain of ₹311.76 crore and revoked suspensions of senior employees under scrutiny for policy discrepancies.
SAIL Q1 Results: Net profit slumps 93% YoY to Rs 11 crore on weak pricing, exceptional item
The steel maker had an exceptional loss of Rs 312 crore. The state-owned steel company reported a 3% year-on-year increase in steel sales during the quarter, reaching 4.01 million tonnes. Despite a slight 1.5% decrease in revenue to Rs 23,998 crore, the company's core operations remained strong with a 15% rise in earnings before interest, tax, depreciation and amortisation (EBITDA) to Rs 2,420 crore.
Infra allocation, support to startups to boost innovation in steel sector, create jobs: ISA
The increased R&D funding and support for startups and MSMEs in the Budget will foster innovation in steel manufacturing, according to the Indian Steel Association. The Rs 11.11 lakh crore allocation aims to enhance infrastructure, create jobs, and benefit the steel industry. Emphasis on roads, railways, ports, and urban development will boost steel demand and productivity.
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Met coal imports from Russia jump nearly three-fold in last 3 fiscals
India's metallurgical coal imports from Russia have increased by three-fold in the last three years, reaching 15.1 million tonnes in 2023-24, mainly due to lower prices. This increase is attributed to lower prices, which are cheaper for domestic steel players. Australia, a major supplier of met coal to India, has seen a decline in its exports to India. The rise in imports is attributed to "cost-benefit" reasons, as imports from Russia are costing less to domestic steel players.
SAIL directors suspended after Lokpal concludes discrepancies in commercial deals
Two directors and multiple executive director level officers of Steel Authority of India Limited (SAIL) were suspended after the Lokpal concluded there were discrepancies in commercial dealings at the public sector undertaking (PSU). The Steel Ministry suspended V S Chakravarthy, Director (Commercial), and A K Tulsiani, Director (Finance). SAIL also placed 26 Below Board Level officials on suspension. SAIL is under investigation for its dealings with Venkatesh Infra Projects and Avon Steel Industries. The Central Bureau of Investigation (CBI) has been directed to probe these dealings. The Lokpal has also instructed SAIL to formulate a clear and unambiguous policy regarding Memorandum of Understanding (MoU) pricing and relaxation.
Amarendu Prakash takes charge as SAIL chairman
He is a metallurgical engineer from BIT Sindhri and joined SAIL in 1991 as a Management Trainee (Technical). A company statement said Prakash has a career of more than three decades in SAIL. During his tenure, he has had exposure to plant operations at shop level, and to corporate functions in the Head office.
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