Comments
Steel Authority of India Ltd (SAIL) is undertaking a 15 million tonne capacity expansion this fiscal despite the uncertainties in the global economy.
It currently produces 70.4 million tonnes of steel.
Mr C.S. Verma, SAIL Chairman, said the impact of global economic conditions on the company was only marginal. “We cannot claim that we are insulated from the global economic developments. But the impact will be marginal,” as India was still a demand-driven economy, he said here.
For instance, the per capita consumption of steel was 55 kg in urban areas against the global average of 200 kg. The Government's infrastructure push will also continue to drive domestic steel demand, he said.
Mr Verma, who is also chairman of NMDC, said the iron ore miner has set aside Rs 1,200 crore for overseas buys. “The capital expenditure for the current year is over Rs 4,500 crore and we will not leave any good deal that comes up,” he said.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.