New Delhi / Calcutta, April 1: Steel Authority of India Limited (SAIL) has reduced its debt burden by Rs 700 crore to Rs 13,300 crore, while its interest payout for the year has come down by Rs 300 crore through a process of debt swapping.
The steel major also reported a growth of 6 per cent in its overseas market sales. “The company produced 10.3 million tonnes of saleable steel and sold 10.1 million tonne in domestic and overseas markets showing a growth rate of 7 per cent and 6 per cent respectively over its performance in financial year 2002,” a SAIL release said.
SAIL chairman V. S Jain said, “Our determined efforts to sharpen our competitive edge has paid off as expected. This was supported by recovery of steel market”.
SAIL has backed its growth pattern on its continuous efforts to reduce cost and strengthen financials as well as its improvement in operations.
The company’s sales performance was aided by growth in the sale of high-value items like rail (27 per cent), HR coil (25 per cent), plates (10 per cent) and CR products 12 per cent.