Steel Authority of India Limited (SAIL), a PSU under Ministry of Steel, posted its best ever August sales performance during August 2020 at 14.34 Lakh Tonnes. Post COVID-19 lockdown, the Company has been witnessing an impressive sales performance which started in June’20. The sales in August have grown significantly by 35% over 10.60 lakh tonnes achieved in August 2019. SAIL’s domestic sales and exports have been at 12.40 Lakh Tonnes and 1.94 Lakh Tonnes registering a growth of 23% and 250% respectively. The growth in sales coupled with the improvement in realisations resulted in the cash collections going up for SAIL which has helped the Company in further reducing its borrowings.
Commenting on sales growth, Chairman, SAIL, Anil Kumar Chaudhary said, “Post the COVID-19 Pandemic, we had resolved to come back strong. The current sales figures are a testimony to the sustained efforts by the SAIL Collective. We were quite positive on the demand picking up as soon as the economy would return to normal. Despite early setback, after opening up, the market has also been echoing positive sentiments and a lot of meticulous planning went into leveraging these sentiments.” Adding further he said, “The Company is totally committed to its role in contributing towards India’s growth story as well as building the Atmanirbhar Bharat. The Company has been catering to domestic requirement of the Nation and has also gainfully utilized opportunities in export market to maintain consistent growth momentum in its sales.”