The Company sold 12.73 Lakh Tonnes in the domestic market while it exported 3.10 Lakh Tonnes of steel during July’20, attaining a growth of 29% and 349% respectively over CPLY.
During these challenging times of Corona Pandemic, the Company has reoriented its efforts towards strategic marketing and customer-centric operations leading to improvement in its performance. The July showing comes immediately after the record June sales achieved during the last month. The consequent improvement in cash collections despite lower prices compared to CPLY coupled with stringent financial measures, the Company has been able to bring down its borrowings below psychological level of Rs50,000cr.
Steel Authority of India Ltd ended at Rs34.55, up by Rs0.2 or 0.58% from its previous closing of Rs34.35 on the BSE. The scrip opened at Rs34.40 and touched a high and low of Rs35 and Rs34.30 respectively.
Anil Kumar Chaudhary, Chairman, SAIL commented, “the Company is working very hard and putting in a synergized team effort in all areas to improve the overall performance. The challenging times have, in fact, ignited the zeal to stand stronger and explore every single opportunity before us. The efforts being put in have started showing in these record sales numbers, reduced inventory, improved collections and reduced borrowings. The Company is focused on reducing on its borrowings further towards meeting the expectation of all our stakeholders.” He also stressed on calibrating the volumes as per the market demand and said, “SAIL is in go-getter mode and ready to service the market requirement. The Company has serviced the special requirements of Railways, Defence, etc. even during these challenging times and remains fully committed to do so in future as well”.