New Delhi, 30th May, 2019: Steel Authority of India Limited (SAIL) has staged an impressive turnaround by clocking a Net Profit during the Financial Year 2018-19 after 3 consecutive years of losses. Declaring its annual results today, the Company posted a Net Profit (Profit After Tax) of Rs. 2178.82 Crore in FY 2018-19 (FY’19) as against a net loss of Rs 481.71 Crore in FY 2017-18. During the financial year 2018-19, intensive efforts on improving physical performance throughout the year in tandem with the market conditions made it possible to achieve higher volumes, improve the product-mix and increase the share of value-added steel.
Shri Anil Kumar Chaudhary, Chairman, SAIL, dedicated the turnaround to organisational synergy and team work. He said, “The entire SAIL Collective worked in mission mode to achieve this turnaround. Together we have done it and it has strengthened our resolve to perform better in coming times. We all are committed to put SAIL into a higher orbit of performance. The performance during the last year gives us confidence to aim higher and we shall put in even greater efforts to ramp-up production from our sophisticated mills while focusing on augmenting production of special & valued added steels and niche products.”
