Steel Authority of India sets 17.5 mt production target for FY20

State-run Steel Authority of India Ltd (SAIL) has set 17.5 million tonne steel production target for the new financial year, a top company official said Friday.

The company had produced 16.3 MT of crude steel during the fiscal ended March 31, 2019, registering a rise of 8 per cent over the year-ago period, SAIL Chairman Anil K Chaudhary said while addressing a press conference here.

In 2017-18, the company had produced 15 MT of crude steel, he said.

The country's largest steel maker has reported a fall of 42.57 per cent in its standalone net profit at Rs 468.40 crore in the fourth quarter ended March 31, as compared to Rs 815.57 crore in the corresponding quarter previous fiscal.

However, for the entire financial year, the company reported Rs 2,174.82 crore net profit.

This is against a loss of Rs 481.71 crore in the preceding fiscal.

"The company has staged an impressive turnaround by clocking a Net Profit during the Financial Year 2018-19 after 3 consecutive years of losses," the chairman added.