"Our phase-I capacity expansion target is 24 MT. Of that, this year we will be starting two new blast furnaces, our total hot metal production capacity will go up to 18 MT by the end of the (financial) year," Steel Authority of India Ltd (SAIL) Chairman C S Verma said.
Speaking to mediapersons after the half-yearly review of company's performance by the government, he said that two new blast furnaces at its Rourkela and Burnpur plants will become operational in next few months.
Besides, the company would also be commissioning a new cold rolling mill at Bokaro plant by the fiscal end, he said,adding that SAIL has spent about Rs 39,000 crore so far on capacity expansion (out of a targeted investment of Rs 72,000 crore).
However, Steel Minister Beni Prasad Verma was not impressed with the progress made by SAIL on the modernisation and expansion front.
"Delays (in modernisation and expansion) are of about one year. I have told them (SAIL) to increase the pace of modernisation and achieve all targets by the end of financial year," he said.
An official statement, issued later, also quoted him saying that the Steel Minister expressed concern over the falling sales of SAIL and asked the company to accelerate expansion of existing iron ore mines and aggressively scout for coking coal mines abroad.
According to SAIL Chairman Verma, the company is aiming to increase its market share up to 30 per cent by 2020 and the steelmaker will be expanding its capacity to 45 MT by then. The state-owned company is at present the largest steel producer with a capacity of 14 MT. Besides, it has a total
market share of about 18 percent.
Talking about the prices, the SAIL Chairman said the company has rolled over prices for the current month for its various products, even though there is 10-15 per cent increase in the global price levels.
During the first half of the current financial year, SAIL has recorded a growth of 3 per cent in hot metal production, while its crude and saleable steel productions were up 3 percent and 2 percent, respectively.
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