Indian state-owned steel producer Steel Authority of
India Limited (
SAIL) has announced its financial results for the second quarter ended September 30 of the financial year 2014-15.
Accordingly,
SAIL's net profit decreased by 45 percent to INR 6.5 billion ($105.2 million) compared to the same quarter of the previous financial year. The company's gross sales revenue amounted to INR 129.3 billion ($2.09 billion), up one percent year on year.
Regarding its modernization and expansion programs,
SAIL stated that it has already commissioned projects and facilities worth INR 275 billion ($4.45 billion) up to now. Commencement of integrated operations at its 2.5 million mt per year new steel plant at Burnpur is scheduled for the current months, with the ignition of the state-of-the-art blast furnace at the site. This will be the second such large volume blast furnace at
SAIL, after the first one commissioned at Rourkela steel plant in August 2013.