SAIL puts off sale of its three units

Tuesday, 18 January 2005 11:41:00 (GMT+3)   |  
       

SAIL puts off sale of its three units

Indian steel producer Steel Authority of India Ltd (SAIL) has announced that it determined to postpone sale of its three units, namely Salem Stainless Steel Plant, Alloy Steel Plant (ASP) and Visvesvaraya Iron and Steel Plant (VISP). SAIL officials stated that they will focus on improving the performances of the mills instead of selling them off. The officials also stated that they reduced the losses recorded by these mills in the last two years and the mills are expected to report a net profit of Rupees 1.5 billion ($34.2 million) in the current financial year.

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