In recognition of the cost management efforts made, Steel Authority of India Ltd. (SAIL) has been conferred with the First Award under the category of Public Manufacturing: Organization (Large) in the 12th National Award for Excellence in Cost Management ' 2014 given by the Institute of Cost Accountants of India. Hon'ble Union Minister of State for Information & Broadcasting, Col. Rajyavardhan Singh Rathore (Retd.), AVSM presented the award to Director (Finance), SAIL, Mr. Anil Chaudhary, who on behalf of the company accepted the honor, yesterday in New Delhi. An eminent jury headed by Hon'ble Justice VN Khare, former Chief Justice of India selected the winners. It is pertinent that in order to select the winners, Credit Analysis & Research Ltd. (CARE), an independent Credit Rating agency was engaged to evaluate the performance of the companies.
To sustain and succeed in the current competitive environment SAIL has adopted best cost management practices. There has been a focus on strategic sourcing of materials through total cost of ownership (TCO) to get a holistic approach towards overall cost, developing strong foundation for e-commerce, maximizing the use of in-house engineering shops, optimization of coal blend, higher continuous casting production, etc. Along with this, several measures for cost control and reduction have been undertaken including systematic application of new technology, improvement through R&D efforts in quality, energy conservation and product development and communicating the importance of cost management amongst all employees. Simultaneously, measures are being taken for revenue growth in areas of conversion, purchases, waste management etc.
Previously also SAIL has won this prestigious award twice in the same category.
