Chairman of Steel Authority of India Ltd (SAIL), Mr. S.K. Roongta, has announced SAIL's modernization and expansion program for increasing the company's annual hot metal production to over 26 million mt in order to contribute to the growth of the Indian steel sector and maintain the company's leadership position in the domestic steel market.
In a speech delivered at the company's 35th AGM, Mr. Roongta declared that SAIL is today in a good position to play a vital role in the country's growth with its highly skilled and committed workforce, largely captive raw materials, nationwide marketing network and available infrastructure to support further expansions.
Mr. Roongta went on to state that implementation of modernization and expansion schemes would help in eliminating technological obsolescence, enriching the product mix with the share of finished steel increasing to almost 100 percent and the introduction of customer-centric processes, besides upgrading infrastructural facilities in the plants to support higher volumes.
The SAIL chairman also stated, "Since, an IISI study estimates that the demand for steel in India will reach 160-180 million mt by 2020, SAIL is simultaneously working on a blueprint for growth beyond 2010 in order to sustain its market dominance in the long term."
Furthermore, a statement issued by the Indian Steel Ministry last week said a group of experts from SAIL and Rashtriya Ispat Nigam Limited (RINL) will visit Australia soon to negotiate the acquisition of coking coal assets.
SAIL is reported to be in touch with at least three coking coal companies in Australia, while RINL is eyeing assets in Indonesia.