New Delhi, 27th September, 2023: Steel Authority of India Limited (SAIL) conducted its 51st Annual General Meeting (AGM), today at Company’s headquarters at Lodi Road, New Delhi. Shri. Amarendu Prakash, Chairman, SAIL addressed the shareholders in the meeting, held through a virtual platform.
Addressing the company’s shareholders, Shri Amarendu Prakash, Chairman, SAIL, said that he is very confident and bullish about the company while outlining what to look forward to in the future. He said that SAIL’s inherent strength and its endeavour to work on the company’s core areas in the recent past are the factors that gave him the optimism and belief that SAIL can face the uncertainty and volatility in the Steel Industry.
Summarising the company’s performance during FY 2022-23, he pointed out that SAIL achieved a record annual production performance of 19.4 million tonnes (MT) and 18.3 MT of Hot Metal and Crude Steel respectively, where all its integrated Steel Plants achieved their best-ever production, leading to the best ever Crude Steel capacity utilization of about 94%. He also mentioned that SAIL surpassed a turnover of Rs 1 Lakh Crore for the second consecutive year. He added that focusing on the improvement of operating practices and realigning customer demand to optimize the product mix helped mitigate risks arising from volatility in the market.
While emphasizing on the two focus areas of the company which is to maximise capacity utilisation and providing best value to SAIL’s customers, he said the same necessitated strategic interventions by way of ramping up of production, securing raw materials, improving the quality of inputs, reducing business risks over the long term in resource mobilization, and providing a better customer experience while focusing on decarbonisation and sustainability.
Chairman SAIL’s address also included the company’s sustainability initiatives, product development, digital interventions, future plans and ethical business practices adopted by it. Emphasising on the growth prospects of the Indian steel industry, he said that SAIL remains cognizant of the significant shifts that the steel industry is witnessing and is taking all necessary steps to strengthen its competitive advantage and enhance value for its stakeholders.
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