Executives from different units have been grouped into cross-functional teams and tasked to formulate strategies to improve the techno-economic parameters and other cost-related aspects across the organisation, Chaudhary added.
State-owned SAIL on November 27 said it has asked management at all its units to improve efficiency and focus on reducing cost of production. In a statement, Steel Authority of India Ltd (SAIL) said the move is part of 'Cost Control Drive' at all its plants and units.
"The company has given renewed thrust on aggressive cost control in the company. (It) not only aims to improve efficiency but also to give a lasting competitive advantage. All the plants and units of the company are working on a mission mode to reduce the cost of production with the guiding principle 'Do More With Less'," SAIL Chairman Anil Kumar Chaudhary said in a statement.
The company is also organising a series of workshops at all the plants and units to evolve action plans for improving operations and operational efficiency through enhanced production and better techno-economic performances, better utilisation of raw materials and enhancing revenue generation through other means, he said.
Executives from different units have been grouped into cross-functional teams and tasked to formulate strategies to improve the techno-economic parameters and other cost-related aspects across the organisation, he added.
According to its website, SAIL has five integrated steel plants -- Bhilai Steel Plant in Chhattisgarh, Rourkela Steel Plant in Odisha, Bokaro Steel Plant in Jharkhand, and Durgapur Steel Plant and IISCO Steel Plant in West Bengal.It also has three special steel plants, a ferroalloy plant, a subsidiary and several other units.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.