SAIL pays interim dividend of Rs 567.15 crore to the government

Kolkata, Mar 12 (UNI) Steel Authority of India Limited (SAIL) presented a cheque of Rs 567.15 crore towards interim dividend to the Centre for the financial year 2006-07.

Earlier, while declaring the highest Net profit (after tax) of Rs 4,300 crore for the nine month period ending on 31st December 2006, SAIL had announced the interim Dividend at a rate of 16 per cent of the paid-up equity amounting to the total amount of Rs 660.86 crore. The company also paid a dividend tax of Rs 92.69 crore during the period, a SAIL release said today.

The public sector steel major has thus paid Rs 2,850 crore Dividend to the Government and other shareholders for the period 2004-05, 2005-06 and interim Dividend for 2006-07, which was about three times the cumulative Dividend it paid till 2003-04 since inception.

The company's contribution to the Government exchequer during the above period stood at around Rs 23,500 crore against Rs 10,400 crore in the previous three years towards excise duty, customs duty, corporate tax, dividend (including dividend tax), sales tax, royalty etc.

During April-December'06, the company recorded best ever production of 9.3 million tonnes (MT) of saleable steel-a growth of 6 per cent as well as best ever sales- recording a growth of 13 per cent over the corresponding period last year. SAIL plants operated at an average capacity utilisation of 112 per cent in the first nine months of 2006-07. Production of value-added items was stepped up -76 per cent in pipes, 23 per cent in Rounds and bars, 14 per cent in HR Coils, 8 per cent in CRNO, and 5 per cent in plates.

Production of value-added products has been higher by 16 per cent during the period.

The work on SAIL's ongoing Growth Plan was progressing, which inter-alia would result in its capacity to go up to 23.9 million tonne (MT) of hot metal. As of now, projects worth around Rs 28,000 crore have been sanctioned for implementation. The tendering process for three of SAILs units namely Bokaro Steel Plant, IISCO Steel Plant and Salem Steel Plant is at various stages of completion.

UNI