In a bid to meet increasing demand from the infrastructure sector, leading steel manufacturer Steel Authority of India (SAIL) is planning to expand its hot metal capacity to 23.46 million tonnes per annum (mtpa) from 13.8 mtpa at present. In this regard, the company will invest Rs 70,000 crore in the next three years. The investment comprises modernization and expansion of iron ore mining capacity.
The company is also aggressively looking out for allocation of thermal coal blocks. It is also in talks with the governments of Mongolia and Indonesia for setting up steel projects.
Recently, the company had decided to set up a 4-million tonnes-per-annum (mtpa) pellet plant at Gua in Jharkhand to utilize accumulated fines at a cost of Rs 780 crore. The turnkey contract is for installing the plant and is slated to be awarded in May for which the company has already received two bids. The plant is expected to be operational in 2013.
SAIL reported a drop of 27.71% in its net profit of Rs 1507.12 crore for the quarter ended March 31, 2011 as compared to Rs 2084.90 crore for the quarter ended March 31, 2010. Total income declined marginally by 0.78% to Rs 12573.90 crore for the quarter ended March 31, 2011 where as the same was at Rs 12672.69 crore for the quarter ended March 31, 2010.
| Company Name | CMP |
|---|---|
| Tata Steel | 206.60 |
| JSW Steel | 1215.20 |
| SAIL | 166.10 |
| Jindal Stainless | 779.95 |
| APL Apollo Tubes | 2064.15 |
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