India’s SAIL reports 50 percent increase in steel sales in July

Wednesday, 05 August 2020 13:59:50 (GMT+3)   |   Kolkata
       

Indian state-run steel producer Steel Authority of India Limited (SAIL) achieved steel sales of 1.583 million mt in July this year, up 50 percent year on year, a company statement said on Wednesday, August 5.

Indicating a strong bounce back from the impact of the pandemic over the previous few months, SAIL’s sales in July this year were the highest recorded by the state-run steel producer in any previous month of July, the company said.

SAIL sold about 1.27 million mt of steel in the domestic market in July and exported 310,000 mt, recording domestic sales growth of 29 percent and export sales growth of 349 percent, both year on year.

SAIL is working hard to improve overall performance. The efforts being put in have started showing results in these record sales numbers, reduced inventories, improved collections and reduced borrowings of funds,” Anil Kumar Chaudhary, chairman of SAIL, said in the company statement.


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