SAIL posts 2004-05 financial results
For the fiscal year ending on March 31, 2005, Steel Authority of India Ltd (SAIL) announced a net profit of Rupees 68.17 billion ($1.5 billion) on sales of Rupees 318 billion ($7.3 billion), up 32% over the previous year. The company also posted record net profit of Rupees 26.78 billion ($614 million) for the fourth quarter. SAIL's saleable steel production in the fourth quarter amounted to 3.1 million tons, while saleable steel production in the whole fiscal year reached 11.05 million tons. SAIL attributes these improved results to higher global steel prices. The company also mentioned that its Rupees 250 billion ($5.7 billion) investment program will be accelerated. Moreover, the company also intends to acquire overseas mines in order to secure stable raw material sources.