SAIL gives nod for 10 steel processing units

Steel Authority of India’s (SAIL) board has accorded in-principle approval for setting up 10 steel processing units (SPU) in different states across the country.  The SPUs will be launched in states like Bihar (Bettiah, Mahnar and Gaya), Assam (Guwahati), Uttar Pradesh (Lakhimpur), Jammu and Kashmir (Srinagar) and Himachal Pradesh (Kangra).

The board of directors of the company has also accorded final approval to the SPUs at Bettiah and Kangra for implementation. Currently there wasn't any proposal for setting up an SPU in Chhattisgarh.  At the beginning of the year, the company was examining the prospects of setting up a steel processing unit in Uttar Pradesh. SAIL will be examining the feasibility of setting up a steel processing unit at Barabanki/Gonda.

The company’s net profit for the quarter ended June 30, 2011 has declined 28.78% at Rs 838.06 crore as compared to Rs 1176.65 crore for the corresponding quarter last year. Its total income rose 19.64% at Rs 11389.04 crore for the quarter under review from Rs 9519.52 crore for the same quarter last year.