SAIL aims to reduce net debt to Rs 15,000-20,000 crore in FY 22

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Steel Authority of India Ltd aims to reduce its net debt to a range of 15,000 to 20,000 crore rupees in the current fiscal year if prices and demand for the product remain stable, a senior official said on Thursday. business.

The Maharatna PSU has net debt of around Rs 30,000 crore as of June 30, 2021, up from Rs 35,350 crore at the end of the previous fiscal year.

“We aim to significantly reduce the debt from around Rs 30,000 crore now to anywhere between Rs 15,000 and 20,000 crore, depending on steel prices and the demand situation,” said the SAIL President, Soma Mondal, on the sidelines of the inauguration of MSTC’s new headquarters in New Town on the outskirts of town.

She hoped that demand would increase in the coming months.

Prices for flat products remain stable, while those for long products are improving, Mondal said.

Most of the national steel industry had reduced its net debt from 16,131 crore rupees to 35,350 crore rupees in fiscal year 2020-21.

The company had announced that it would spend Rs 8,000 crore as a capital expenditure in the current fiscal year.

The steelmaker posted a consolidated net profit of Rs 3,897 crore for the April-June quarter of fiscal year 2021-22, against a loss of Rs 1,226 crore during the period of the previous year.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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