Steel Authority of India Limited
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BSE Code:
500113
NSE Code:
SAIL
Business Profile
Business Profile
Incorporated in 1973, Steel Authority of India (SAIL) is a giant among the steel majors in India. It is one of the largest steel conglomerates in the country. The government of India owns about 86% of SAIL`s equity and retains voting control of the company. However, SAIL, by virtue of its Navratna status, enjoys significant operational and financial autonomy.
SAIL has a finished steel production of integrated steel plants of around 9 million tons. It manages and operates five integrated steel plants in Bhilai, Bokaro, Durgapur, Rourkela, and Burnpur. It also has nine iron ore, five limestone, three dolomite and three coal mines besides generating 700 MW of captive power. The company is the only producer of extra-wide (up to 3,200 mm) and heavy plates catering to the needs of the construction, automobile, ship building, engineering and other sectors. It exports steel to as many as 70 countries across the globe.
Financials
The company reported a steep drop in standalone net profit for the quarter ended December 2008. During the quarter, the profit of the company declined 56.41% to Rs 8,433.40 million from Rs 19,346.60 million in the same quarter last year. Net sales for the quarter declined 7.14% to Rs 88,522.60 million, while total income for the quarter dipped 4.47% to Rs 94,073 million, when compared with the prior year period. It posted earnings of Rs 2.04 a share during the quarter, registering 56.41% decline over previous year period.
Recent Developments
06-MAR-09
Fitch Ratings has assigned the company a National Rating of `AAA(ind)` to its proposed Rs 20 billion long term bond programme.
14-JAN-09
The company has inked a joint venture agreement with Coal India (CIL), Rashtriya Ispat Nigam (RINL), NMDC and NTPC for setting up of a special purpose vehicle i.e. International Coal Ventures (ICVL) for acquisition of coal mines/block overseas for securing coal supplies.
09-DEC-08
The company and the state-owned Steel Complex will ink a joint venture pact on December 10, reports Business Line.
30-SEP-08
The company has signed a memorandum of understanding (MoU) with Larsen & Toubro to jointly set up, develop, manage and own captive/independent power plants at suitable locations to meet future power requirements of SAIL.
22-SEP-08
Salem Steel, a unit of state-run the company has received Rs 19.02 billion approval, for its expansion programme, Union Minister of Chemicals, Fertiliser and Steel Ram Vilas Paswan said.