Both companies during the September quarter have reported lower losses as a steel up-cycle helped them earn better realisation, higher volumes and benefits of operating leverage as their capacity utilisation improved.
Geojit Financial Services recommended hold rating on Steel Authority of India with a target price of Rs 65 in its research report dated October 24, 2017.
The Union Minister of Textiles and Information and Broadcasting who is on a two-day tour of Amethi, inspected the SAIL unit this evening.
"The Public Enterprises Selection Board (PESB) is seeking qualified candidates for the post of chairman, Steel Authority of India Ltd (SAIL)," the government headhunter said.
India's largest steel producer SAIL today announced the signing of a strategic pact with Posco for collaboration on technical services for its plant in West Bengal.
"(There should be) no negligence. It is clear that you have to adhere to the SOPs (Standard Operating Procedures). If you do that, accidents will not happen," Steel Secretary Aruna Sharma told PTI.
SAIL's Bhilai Steel Plant has signed an agreement with ACB Mining Private Ltd for the development and operation of Rowghat iron ore mines
State-owned SAIL said any such buyout by the world's top steelmaker, controlled by billionaire Lakshmi Mittal, could violate its exclusive partnership arrangement for manufacturing steel for cars, the document was seen by Reuters showed.
Addressing the 45th annual general meeting of the state- owned Steel Authority of India Ltd (SAIL) here, Singh said the steel demand in India will witness a significant growth in future, given the current stage of development in Indian economy.
"Once again partnering in one of the most prestigious and important national projects, Steel Authority of India Ltd (SAIL) has supplied 80 per cent steel required for construction of the Sardar Sarovar Project inaugurated by Prime Minister Narendra Modi today," the public sector firm said in a statement.
The drop in coal import comes as the stocks at power plants have thinned due to short supply and higher power generation. "Coal import (all types of coals) in August 2017 stood at 14.97 million tonnes (mt) (provisional), against 19.75 mt in August 2016," said Mjunction Services, an e-auction joint venture between Tata Steel and SAIL.
Bhilai Steel Plant is the flagship unit of SAIL. It produces high strength rails, heavy structurals, wide and heavy steel plates of different grades, merchant products, wire rods etc.
The company has entered into a pact with State Bank of India (SBI) for arranging the amount via external commercial borrowings (ECB).
"Steel Authority of India Ltd (SAIL) witnessed a growth of 7 per cent in total sales during the April-August 2017 period over the corresponding period last year...," according to a company spokesperson.
Different commodities applicable to the contract include iron and steel, pig iron, slag, limestone, dolomite and manganese ore with a benchmark gross freight revenue (BGFR) of Rs 3,417.74 crore and with corresponding tonnage of 19.3 million tonnes (MT) effective from September.
"SAIL-ISP’s (IISCO Steel Plant) new and modern plant, which was dedicated to the nation by the Prime Minister, will facilitate SAIL to take its market-share in long products to 10 per cent from the existing seven per cent," the PSU said in a statement.
SAIL chairman PK Singh said that product differentiation and the drive to match the best in quality and variety holds the key to meet stiff competition.
"During April-July 2017, crude steel production was 33.011 MT, a growth of 3.8 per cent over the same period of the last year," the Joint Plant Committee (JPC), under the Ministry of Steel, has said in its latest report.
Steel Authority of India (SAIL) saw its standalone net loss widening to Rs 801.38 crore for the June quarter due to higher coal prices and expenses.
The steelmaker had clocked a net loss after tax of Rs 535.52 crore in the corresponding quarter of 2016-17, the company said in a BSE filing.
The CBI had filed FIR against Bhuneswar Prasad Verma, the then Executive Director Rourkela Steel Plant under Steel Authority of India (now suspended and posted at Durgapur Steel Plant Burdwan) for accumulating Rs 2.24 crore of disproportionate assets.
The country's largest steel maker had sought help from NITI Aayog to resolve differences with ArcelorMittal over setting up of Rs 5,000-crore steel plant.
The steel products were developed last fiscal under the Rs 70,000-crore modernisation and expansion programme at the company's integrated plants in Bhilai, Bokaro, Rourkela, Durgapur and Burnpur and a special unit in Salem.
At the first of the 100 proposed workshops held last week in Haryana's Rewari, Sail officials urged masons and steel dealers to do quality check to avoid use of low-grade steel in building houses.
"Initially for 2016-17, Railway Board placed a bulk indent on SAIL for supply of 6,24,516 tonnes of rails, which was met by SAIL and it supplied 6,20,049 tonnes of rails during 2016-17 to Indian Railways," Minister of State for Steel Vishnu Deo Sai said in a written reply to Rajya Sabha.