Steel giant SAIL plans to recruit about 600 employees this fiscal even as global producers like ArcelorMittal and Corus are trimming workforce and salaries to stay afloat amid the economic downturn.     

Also Read   Related Stories News Now - Steel ministry hints at resolving Chiria iron mines dispute - State nod for Horomoto mines to JSL - SAIL ends 5% higher on huge buying - BHEL inks Rs 1,850 cr MoU with SAIL - SAIL Q4 net dips 37% at Rs 1,486 cr - SAIL, NMDC, RINL to invest Rs 13k cr for expansion   Also Read   Related Stories News Now - Sensex makes remarkable recovery, regains 17K - L N Mittal doubles his stake in Ophir Energy - Indian handicraft firms to participate in Munich fair - Microsoft eyes Indian smartphone mkt - RIL Hazira unit bags 'Excellent Energy Efficient Unit Award' More

"On an average we recruit about 500-600 trainees every year from institutes like IIMs and IITs. This year we will be recruiting the same, about 500-600 graduates," SAIL Chairman S K Roongta said.     

SAIL currently employs a little under 1,21,000 people. The freshers, to be roped in as management trainees (technical and administrative), would handle the extended operations of the company in near future.     

The company is in the process of expanding its production capacity to 26.3 million tonnes by 2010-11 for which its would be spending in excess of Rs 78,000 crore.     

Though the Navratna PSU plans to recruit freshers from premier institutes like IITs and IIMs, it also anticipates its workforce to shrink by about 6,000-7,000 in 2009-2010 on account of "natural separation".     

SAIL on an average pays its employees an annual package of Rs 5 lakh. It is eying a saving of about Rs 350 crore per year through reduction in its employee strength.     

Last year, nearly 7,500 employees left SAIL by way of superannuation and voluntary retirement. This year it expects a similar number of people leaving the firm.

"We are likely to save about Rs 350 crore this year on account of the natural separation," Roongta said last week while announcing the company's financial results.     

The shrinking of the workforce will help the company in fending off the impact of the upward wage revision of the employees amid the slump in steel demand and steep fall in prices which is hitting the company's profit.     

SAIL saw its net profit declining by about 38 per cent at Rs 1,487 crore for the fourth quarter of the last fiscal mainly on account of lower sales realisation.     

To tide over the prevailing economic gloom and the liquidity crisis, global steel majors like ArcelorMittal and Corus are undertaking programmes to trim workforce. Besides cutting jobs, the L N Mittal-led firm is also slashing salaries of its top brass.

Other Stories      - Sensex makes remarkable recovery, regains 17K - L N Mittal doubles his stake in Ophir Energy - Indian handicraft firms to participate in Munich fair - Microsoft eyes Indian smartphone mkt - RIL Hazira unit bags 'Excellent Energy Efficient Unit Award' More

Tags : SAIL | ArcelorMittal | Corus | economic downturn   Read Business news in  Advertisements   Get financial advisory and solutions for your projects   Holidays starting at a delightful EMI of Rs 3481   Switch on and say hello to Monday morning !   Your dream home can now be a reality.   Visit Fortis for a preventive health check-up & get a 20% discount.   Follow the ups and downs of your investments. Try our new Portfolio Tracker   Kolkata Dock \ Freight contract for the British Gurkhas Nepal   Find how Midsize Businesses use ERP to gain competitive advantage   Trading in Forex is now as easy as 1-2-3   Discover an economical and cost effective way to market your products and services   Giftwithlove.com: Same day delivery of Flowers and Cakes to India   Download the E-book on the Future of Business Intelligence   Learn Best Practices for improving customer satisfaction   Know your customers better... download the free e-book on CRM