Government aims to make SAIL a Global player

New Delhi, Nov 14 (UNI) Government will provide all logistic support to the public sector Steel Authority of India Ltd (SAIL) to enable the company to attain a global status, said the Steel Minister Ram Vilas Paswan while inaugurating the Steel Ministry pavillion at the India International Trade Fair (IITF) today.

Mr Paswan said, the foremost of becoming a major player in this sector is the cost of production and for that SAIl has already initiated a number of steps towards consolidation by way of mergers and acquistions of various steel plants to reduce its cost of production.

Secondly, they have also chalked out massive expansion-cum-modernisation programme with an objective of reducing production costs. After the basic raw materials of iron ore and coking coal it is the power which contributes a major chunk in the cost of production.

He said presently, the country imports around 13 Million Tonnes (MT) of coking coal every year and it is very essential to maintain the price line and for this the company is looking in for joint ventures overseas or outright purchase of coking coal mines to ensure a smooth flow of coking coal at the existing price level.

Mr Paswan said once the process of domestic mergers and expansion process is over the company could even go in for overseas acquiring of steel plants to expand its production as well as its marketing network base, he added.

He said the government in order to boost the steel sector is organising a Global Steel Meet early next year where all the major steel players were expected to participate, he added.

UNI/BKS DKS VC1710