The country's largest steel maker Steel Authority of India Ltd (Sail) needs to be more profitable and retain its leadership in the market, Union minister Chaudhary Birender Singh said Friday.
The Union Steel Minister, who visited SAIL's Alloy Steel Plant (ASP) at Durgapur in West Bengal said that the unit is geared up to become profitable from next year, the steel ministry said in a statement.
The minister said that the plant was now showing improved performance both in physical and financial terms.
The minister who also visited the Durgapur steel plant (DSP) said that the plant's commensurate growth plan has been duly considered in tune with the National Steel Policy of making 300 million tonnes (MT) of steel by 2030-31 and SAIL's plan to enhance steel production to 50 MT.
DSP is currently implementing its modernisation and expansion plan (phase-I) with the main objectives of conversion of available semis into value added rolled products.
The minister also visited the SAIL's Salem steel plant and reviewed its performance.
"Losses have been reduced this year and may come down by more than 20 per cent," the statement said.
State-run steel maker Steel Authority of India Ltd had earlier informed the government it was not in a position to pay dividend for the year 2017-18 as it suffered a loss of Rs 281 crore in the fiscal.
The company had reported a consolidated loss of Rs 2,756 crore in 2016-17.
(With inputs from agencies.)