Durgapur expects revenue increase
Durgapur steel plant, a unit of Indian steelmaker Steel Authority of India (SAIL), announced its profit as Rupees 1 billion (approx. $21.9 million) for the current financial year. Durgapur also aims to exceed Rupees 25 billion (approx. $549.6 million) turnover in the current financial year due to upward trend of demand and increased net price realizations in the steel market. Durgapur officials expect a 10% increase in company's revenue for the current year. The company reported approximately Rupees 23 billion (approx. $505.7) revenue for the past few years. Furthermore, the production of hot metal is expected to reach 2 million tons this year while the production of saleable steel will amount to 1.75 million tons. SAIL has invested Rupees 50 billion (approx. $1.09 billion) to Durgapur for renovation. In addition, SAIL will invest Rupees 3 billion (approx. $65.9 million) to construct bloom caster and two finishing mills in the next couple of years.