Indian state-owned steel producer Steel Authority of
India Limited (
SAIL) has announced its financial results for the fourth quarter and the full financial year ended on March 31.
Accordingly, in the fourth quarter of FY 2011-12
SAIL's net profit increased by three percent year on year to INR 15.77 billion ($282.35 million). The sales turnover of the company decreased by 13 percent to INR 147.8 billion ($2.64 billion) compared to the corresponding period of the previous financial year.
In the full financial year,
SAIL's net profit decreased by 27.8 percent year on year to INR 35.42 billion ($634.83 million), while its sales turnover amounted to INR 503.48 billion ($9.5 billion), up seven percent year on year.
According to
SAIL's statement, during 2012-13 several new major production units will become operational at
SAIL's IISCO Steel Plant at Burnpur, including a raw material handling system, a sinter plant, a blast furnace, casters and a wire rod mill.
SAIL chairman C.S. Verma stated that during the current year the company will focus on completing the ongoing modernization and expansion plan to meet the projected growth in steel demand during
India's 12th five-year plan period (2012-17) and beyond.