“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 the new MSTC headquarters in New Town on the outskirts of the city.
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.