Backed by encouraging Q3 results, Steel Authority of India Limited (SAIL) continued the upward trend in its sales and production well into February 2014. The company registered 7% growth in sales in Feb '14 compared to the same month last year (SMLY). For the cumulative 11-month period Apr 13 , Feb 14, SAIL's concerted effort in increasing domestic sales as well as exports paid off as these grew by 8% and 33% respectively.
SAIL plants kept pace with the rise in sales, as the company produced 1 million tonne (MT) of saleable steel in Feb '14, marking a 7% growth over SMLY. The month also witnessed 4% production growth each in hot metal and crude steel, at 1.12 MT and 1.04 MT respectively.
SAIL Chairman Mr CS Verma ascribed SAIL's growth trend to consistently good performance throughout the financial calendar. "Consistent growth in sales over the last few months has given us the confidence of reporting a better outcome in the coming months, which will further pick-up with the expected strengthening of the market," he averred.