Indian state-owned steelmaker Steel Authority of India Limited (SAIL) has announced that its finished steel sales increased by seven percent year-on-year to 12.1 million mt in financial year 2013-14 ending March 31. Growth in domestic sales was supported by impressive growth in exports, which rose 28 percent year on year to 470,000 mt.
In the given financial year, the company's finished steel output amounted to 12.9 million mt, up four percent compared to the previous financial year. Continued emphasis on value-added steel production resulted in a six percent year-on-year growth in output of special quality steel to 5.3 million mt.
During the financial year 2013-14, 2.5 million mt of pig iron capacity has been added and the coke making and sinter making capacities of SAIL have also been enhanced.
Based on its accomplishments coming at a time when the steel industry worldwide is facing stiff challenges, the company reiterated its target for double-digit growth in sales in the new financial year.