Press Information Bureau

Government of India

Ministry of Steel

29-November-2012 16:09 IST

The Minister of Steel, Shri Beni Prasad Verma has said that Profit After Tax (PAT) of Steel Authority of India Limited (SAIL) during April to September, 2012 at Rs. 1240 crore has been lower by 7.04% over corresponding period last year (April-September 2011) mainly due to adverse impact of input prices, particularly imported coal, salary & wages, higher interest & depreciation, reduction in interest earnings and increase in royalty on minerals, etc. In a written reply in the Rajya Sabha today Shri Verma said, SAIL has undertaken Modernization/Expansion of its Steel Plants/Units at an estimated cost of about Rs.72,000 crore.  The benefits from Modernization/Expansion would start accruing after their completion/ commissioning only.

The plant-wise details of total number of regular employees (executive and non-executive) and contract labours working in SAIL are as under: 

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NSK/DB

Profit after tax decline attributed to input cost pressures and delayed gains from ongoing modernization at the public steel enterprise. Profit After Tax at Steel Authority of India Limited for April-September 2012 fell by 7.04% due to higher input costs (including imported coal), increased salary and wage expenses, greater interest and depreciation charges, lower interest earnings and higher mineral royalty. SAIL is executing a large Modernization and Expansion programme at an estimated cost of about Rs.72,000 crore, with benefits expected only after completion and commissioning; the release also provides plant-wise counts of regular employees and contract labour.