India Steel Market Watch
November 24: After booking a loss of Rs 1,056 crore in the second quarter ending September 30, 2015, Narendra Singh Tomar, Minister of Mines & Steel, directed that an external consultant may also be appointed by the Ministry of Steel for a 360 degree review of structure at Steel Authority of India Ltd (SAIL), during a meeting on November 24, 2015.
The consultant may have the mandate to identify critical projects and bottlenecks and recommend time-bound and outcome-oriented operational and marketing strategies.
The consultant is expected to keep close co-ordination with the Ministry of Steel.
Steel Secretary Aruna Sundararajan remarked that the cost of operation needs to be reduced, so that the company attains positive margin in the second half of 2015-16. The minister also pointed out the need for enhancing value-added production and improving productivity.