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 of 2016-17, ended March 31.
Accordingly, in the fourth quarter, SAIL recorded a net loss of INR 7.71 billion ($119.55 million) compared to a net loss of INR 7.95 billion in the same quarter of the previous year. The company's net sales revenue amounted to INR 145.43 billion ($2.25 billion), up 14.6 percent year on year.
Meanwhile, in the full financial year, the company registered a net loss of INR 28.33 billion ($439.27 million) compared to a net loss of INR 40.21 billion in the previous financial year. In the given year, SAIL’s net sales revenue increased by 13.1 percent year on year to INR 503.02 billion ($77.97 billion).
In the fourth quarter, SAIL’s crude steel production volume amounted to 3.78 million mt, rising by 16 percent year on year, while in the full financial year the company produced 14.49 million mt, up 1.4 percent compared to the previous financial year.
SAIL stated that during the current financial year 2017-18 it is aiming to produce more than 15 million mt of saleable steel and will be making a thrust on value-added products from its new modernized facilities like the universal rail mill at Bhilai, the new plate mill at Rourkela, the structural mills at Burnpur and Durgapur, the cold rolling mill at Bokaro and the wire rod mill at Burnpur.