"SAIL has done significant value addition in its product mix. Continuous product development efforts are being made with intensive research and development (R&D) efforts, especially from the new state of art mills commissioned under the Modernisation and Expansion Plan," the SAIL chairman said while addressing the 45th Annual General Meeting of the company in New Delhi on Friday.
Singh said the World Steel Association has estimated 6.1 per cent growth in steel consumption in India during 2017.
SAIL since its inception has produced 475 million tonnes (MT) of crude steel and has partnered in all major national projects requiring steel. It achieved 14 per cent higher turnover during FY17 over the previous year due to increase in sales volume, which grew by 8 per cent, and net sales realisation of saleable steel of five integrated steel plants that increased by around 6 per cent.
"The increase in net sales realisation was partly due to an overall improvement in price levels and partly due to measures towards enriching the company's product mix," Singh said.
The already operational new facilities were ramped up during the year as part of the firm's modernisation and expansion plan. A new blast furnace at the Rourkela steel plant (RSP) achieved 100 per cent capacity level, whereas, other facilities like the new plate mill (NPM) also clocked production close to their projected capacities. Almost all of them are near to operating at a 100 per cent capacity.