Dear Shareowners,
 
 SAIL, a Maharatna company, is India''s largest steel producer, holding
 20 per cent market share of domestic crude steel production. In
 2010-11, the company achieved a turnover of more than Rs. 47,000 crore.
 SAIL produces both basic and value-added steels for various user
 segments. The company is currently implementing a mega Modernisation &
 Expansion (M&E) plan to enhance its hot metal production capacity in a
 phased manner. The M&E plan will not only help strengthen the company''s
 market position but also contribute to economic growth of the country.
 Under the ongoing phase-I of the M&E plan, SAIL''s hot metal production
 capacity will get expanded from the present 13.8 million tonnes (MT) to
 23.46 MT by 2012-13. The growth plan, besides targeting higher
 production, also addresses the need for eliminating technological
 obsolescence, achieving energy savings, enriching product-mix, reducing
 pollution, developing mines and collieries, introducing
 customer-centric processes and developing matching infrastructure
 facilities.
 
 SAIL recognises the potential of human resources in providing a
 competitive edge and considers its human resources as its most valuable
 asset. SAIL has been continuously investing in this asset through
 systematic and well-planned programmes to make it current with latest
 technologies and processes. The company''s 1.1-lakh-strong manpower is
 the backbone of every activity at SAIL. Our innovative manpower will
 help in ensuring Maharatna SAIL to emerge as a leader in Indian Steel
 Industry.
 
 SAIL has been producing world-class quality products. The demand for
 value-added products has been continuously growing and SAIL has been
 changing its product-mix accordingly. Its value-added products like
 wire rods, CR coils, pipes, electrical steels, railway materials, etc.,
 as well as branded items such as SAIL-TMT and SAIL-JYOTI have made a
 mark for themselves in the market.
 
 Steel is fundamental for the growth of our nation. Over the past few
 years, consumption has been primarily driven by the continuous increase
 in infrastructure related investment, leading to higher demand for
 steel. However, presently country''s per capita consumption is around 52
 kg per capita compared to 427 kg for China and a global average of
 approx. 203 kg. This reflects a huge potential for increasing steel
 consumption in India in various segments like Defence, Railways,
 Transportation, Construction, Automobiles, Agriculture, Heavy
 Engineering, Power & Energy, etc., essential for development of the
 nation. SAIL''s M&E plan will be a step forward in attaining this goal.
 
 We at SAIL are endeavouring to contribute towards shaping the future of
 India by adding Strength to People, Processes and Products.