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SAIL sees stable steel prices in current year

Will liquidate stockpile in a month's time

V. S. Jain, Chairman, SAIL.

NEW DELHI: Steel Authority of India Ltd. (SAIL) on Thursday said the steel prices would remain stable in the rest of the current fiscal and the company would liquidate its inventory pile up within a month.

"I think the prices have more or less stabilised though a fluctuation of $20-30 cannot be ruled out,'' SAIL Chairman V. S. Jain told reporters here.

On the China factor affecting steel prices, he said the Communist state had become a net exporter of steel. "With the demand hovering around four per cent, there would not be much impact,'' Mr. Jain added.

Asked whether a higher interest rate could affect steel consumption, Mr. Jain said the economy remained buoyant and the massive investment in infrastructure, housing and other activities would continue to be strong. In order to avoid distress sale due to fall in steel prices, SAIL had stockpiled inventory but this would now be liquidated in a month's time, Mr. Jain said.

Asked why SAIL was interested in greenfield projects, he said the company had ambitious expansion plans as the present facilities themselves had tremendous scope for brownfield projects. — PTI

Delhi Special Correspondent writes:

Net profit dips in Q2

SAIL achieved the highest ever half-yearly profit before tax at Rs. 3,408 crore during the current fiscal, a growth of 12.5 per cent over the same period of 2004-05.The profit before tax for the second quarter was pegged at Rs. 1,707 crores.

The decline in profit by 6.4 per cent over the same quarter last fiscal was mainly owing to increase in the prices of indigenous and imported coal and reduction in net sales realisation.

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