Steel Authority of India Limited (SAIL) presented a cheque of Rs 567.15 crore towards interim dividend to the Government of India for the financial year 2006-07. The cheque was handed over to the honourable minister for Steel Mr Ram Vilas Paswan by SAIL Chairman, Mr S.K. Roongta at a function held in the ministerÔÇÖs office this morning.
Earlier, while declaring the highest Net profit (after tax) of Rs 4,300 crore for the nine month period ending on 31st December 2006, SAIL had announced the Interim Dividend at the rate of 16% of the paid-up equity amounting to the total amount of Rs 660.86 crore. The company also paid a dividend tax of Rs 92.69 crore during the period.
The public sector steel major has thus paid Rs 2,850 crore Dividend to the Government and other shareholders for the period 2004-05, 2005-06 and Interim Dividend for 2006-07, which is about three times the cumulative Dividend it paid till 2003-04 since inception. The companyÔÇÖs contribution to the Government exchequer during the above period stands at around Rs 23,500 crore against Rs 10,400 crore in the previous three years towards excise duty, custom duty, corporate tax, dividend (including dividend tax), sales tax, royalty etc.
During April-DecemberÔÇÖ06, the company recorded best ever production of 9.3 million tonnes (MT) of saleable steel - a growth of 6% as well as best ever sales - recording a growth of 13% over the corresponding period last year. SAIL plants operated at an average capacity utilisation of 112% in the first nine months of 2006-07. Production of value-added items was stepped up - 76% in pipes, 23% in Rounds & bars, 14% in HR Coils, 8% in CRNO, and 5% in plates. Production of value-added products has been higher by 16% during the period.
The work on SAILÔÇÖs ongoing Growth Plan is progressing, which inter-alia would result in its capacity to go up to 23.9 million tonnes (MT) of hot metal. As of now, projects worth around Rs 28,000 crore have been sanctioned for implementation. The tendering process for three of SAILs units namely Bokaro Steel Plant, IISCO Steel Plant and Salem Steel Plant is at various stages of completion.
Mr R.S. Pandey, Secretary, Ministry of Steel, Mr K.K. Khanna, Director (Technical) SAIL, Mr Soiles Bhattacharya, Director (Finance) SAIL and other senior officials of the Steel Ministry and SAIL were present at the function held on the occasion.