India’s SAIL first two quarter losses at Rs 1378 crore – minister

SAIL incurred a total loss of Rs 1378 crore in the first two quarters of 2015-16 due to a reduction in the net sales realisation of steel, higher expenditure towards royalty on iron ore, volatility in foreign exchange rates and higher interest and depreciation cost, the minister of state told parliament.

Vishnu Deo Sai said the ministry of steel had decoded to appoint an external consultant to study  overall working of SAIL with a view to improve its performance.

SAIL is implementing a major modernisation and expansion programme to increase its production, remove technological obsolescence, improve energy efficiency and increase value added products in its product basket.

In addition, it has formulated a turnaround plan that broadly includes optimising production and sales volume, product-mix enrichment and increasing production from new facilities to restore the financial health of the company, the minister said.

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