Steel Authority of India (SAIL) today announced that it had becomevirtally a zero debt company.V.S. Jain, chairman of SAIL, said: "We have come this far on the strength of our sustained efforts to improve internal efficiencies supported by buoyancy in the market."SAIL's market borrowing in 2004-05 stood at Rs 5,800 crore where as its short-term deposits of similar magnitude had attained zero status.The outstanding dues could not be dissolved since they have been raised for longer terms, an official statement said, adding the company had not acquired any fresh loan in the last two years and financed its voluntary retirement scheme in 2004-05 entirely via internal accruals.SAIL also prepaid Rs 525 crore to a leading financial institution on a negotiated settlement basis.The company maintained its average capacity utilisation at 104%, and attained a record production of finished steel at 9.28 million tonne.
