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Steel Authority of India Ltd.

BSE: 500113 Sector: Metals & Mining
NSE: SAIL ISIN Code: INE114A01011
BSE 10:09 | 18 Feb 45.75 0.90
(2.01%)
OPEN

45.00

HIGH

46.30

LOW

44.90

NSE 09:59 | 18 Feb 45.70 0.80
(1.78%)
OPEN

45.50

HIGH

46.30

LOW

44.90

OPEN 45.00
PREVIOUS CLOSE 44.85
VOLUME 246554
52-Week high 96.05
52-Week low 44.10
P/E 7.60
Mkt Cap.(Rs cr) 18,897
Buy Price 45.70
Buy Qty 2149.00
Sell Price 45.80
Sell Qty 9031.00
OPEN 45.00
CLOSE 44.85
VOLUME 246554
52-Week high 96.05
52-Week low 44.10
P/E 7.60
Mkt Cap.(Rs cr) 18,897
Buy Price 45.70
Buy Qty 2149.00
Sell Price 45.80
Sell Qty 9031.00

Steel Authority of India Ltd. (SAIL) - Company History

Steel Authority of India Ltd (SAIL) is the leading steel-making company in India. The company is a fully integrated iron and steel maker producing both basic and special steels for domestic construction engineering power railway automotive and defence industries and for sale in export markets. They are also among the seven Maharatnas of the country's Central Public Sector Enterprises.The company manufactures and sells a broad range of steel products including hot and cold rolled sheets and coils galvanised sheets electrical sheets structurals railway products plates bars and rods stainless steel and other alloy steels. They produce iron and steel at five integrated plants and three special steel plants located principally in the eastern and central regions of India and situated close to domestic sources of raw materials including the company's iron ore limestone and dolomite mines. The company's wide range of long and flat steel products are much in demand in the domestic as well as the international market. The company's International Trade Division ( ITD) in New Delhi- an ISO 9001:2000 accredited unit of CMO undertakes exports of Mild Steel products and Pig Iron from SAIL's five integrated steel plants. With technical and managerial expertise and know-how in steel making gained over four decades the company's Consultancy Division (SAILCON) at New Delhi offers services and consultancy to clients world-wide.The company has a well-equipped Research and Development Centre for Iron and Steel (RDCIS) at Ranchi which helps to produce quality steel and develop new technologies for the steel industry. Besides they have their own in-house Centre for Engineering and Technology (CET) Management Training Institute (MTI) and Safety Organisation at Ranchi. The Government of India owns about 75% of the company's equity and retains voting control of the company. However SAIL by virtue of their 'Maharatna' status enjoys significant operational and financial autonomy.Steel Authority of India Ltd was incorporated on January 24 1973. The Ministry of Steel and Mines drafted a policy statement to evolve a new model for managing industry. The policy statement was presented to the Parliament on December 2 1972. On this basis the concept of creating a holding company to manage inputs and outputs under one umbrella was mooted. This led to the formation of Steel Authority of India Ltd. The company was made responsible for managing five integrated steel plants at Bhilai Bokaro Durgapur Rourkela and Burnpur the Alloy Steel Plant and the Salem Steel Plant. In the year 1974 SAIL International Ltd was incorporated to coordinate the export and import business. In the year 1976 Durgapur Mishra Ispat Ltd Bhiali Ispat Ltd and Rourkela Ispat Ltd were formed as fully owned subsidiaries of the company for taking over the running business of Alloy Steels Plants Bhilai steel Plant and Rourkela Steel Plant. In the year 1978 the company was restructured as an operating company. In the year 1982 the Salem Steel Plant was inaugurated at Salem in Tamil Nadu. The number of technological improvement schemes was undertaken during the year 1985 the most notable thing was the conversion of open-hearth furnace No.10 into twin hearth furnace. A year after in 1986 all the Phase-I units under the plants' 4 million tonnes expansion programme were commissioned. A vacuum arc-degassing unit was started in the converter shop and a second normalizing furnace in plate mill was added. In the year 1988 Visvesvaraya Irons & Steel Co Ltd became a subsidiary of the company by acquisition of 60% of the shares. Also Bhilai Steel Plant set up a blast furnace bell-less top charging system. In the year 1990 the company made a modernisation programme to revamp and technologically upgrade the plant. After the modernisation the plant slated for a crude steel capacity of 1.9 million TPA. In the year 1992 the company's R&D unit at Ranchi was set up with a view to promote continuous improvement in critical performance indices of the steel plant in order to increase productivity reduce production cost and improve quality by production optimization or by introduction of new technologies. In the year 1993 the company launched the consultancy division with a view to harness the resources and expertise in steel related areas and market engineering technical managerial and training services.In the year 1994 two major schemes namely. new sinter plant III and expansion of oxygen plant II were taken up for implementation. Also C.O. Battery No. 10 was commissioned during the year. At Rourkela steel plant five of phase II modernisation packages viz. power distribution mobile equipment for RMHS II sizing plant at Satara and Tarkera intake facilities and make-up water pump houses for Tarkera works were commissioned. In the year 1995 the company ventured into setting up a power project at Bhilai by the form joint venture with Larsen & Toubro and CEA USA Inc. In the year 1997 the modernisation of rail & structural mill (stage 1-phase) was commissioned. In the year 1999 the company made a marketing tie up with Tyazprom export (TPE) of Russia to sell the entire range of castings and pig iron produced by Kulti Works a division of Indian Iron and Steel Company (IISCO). In the year 2000 the company signed a MoU with Egypt's public sector Metallurgical Industries Corporation (Micor) for the establishment of a modern technical and management training centre for the Egyptian steel industry. They launched a new millennium special media campaign to hard sell its wide range of products. The Durgapur Steel Plant of the company commissioned the computerised integrated production planning and control (PPC) system that helps in practically every aspect of plant operation and dispatch. The company Tata Steel and Kalyani Steels Ltd entered into an agreement for creation of an Internet-based global independent B2B Steel Market place. During the year 2002-03 the company implemented major projects which includes up gradation of BF-3 with increase in useful volume and installation of INBA Cast House Slag Granulation Plant at BF-3 at DSP installation of De-scaling Unit before 950 mm Roughing Stand of Rail & Structural Mill of BSP and installation of Combined Blowing Technology in Converter No. 2 at SMS-II of BSL. During the year 2004-05 the company entered into an agreement with GAIL for supply of natural gas for its integrated steel plants. They signed an MoU with KIOCL for joint development of some iron ore mines of the company. They received the prestigious SCOPE Gold Trophy for Excellence and Outstanding Contribution to the Public Sector Management-Institutional category for the year 2004-05. The company bagged 'Business world-FICCI-SEDF Corporate Social Responsibility Award - 2006'.During the year 2006-07 the company undertook a massive modernization and expansion plan with an indicative cost of over Rs. 40000 crore to expand capacity of hot metal to over 25 million tonnes from current level of 14.6 million tonnes. They introduced several new products in the domestic market namely HCR-EQR TMT for earthquake resistant construction rock bolt TMT for tunnel construction EN series HR coils for LPG cylinders MC 12 HR coils for chains etc. In addition Bhilai Steel Plant developed high strength vanadium rails; Durgapur Steel Plant produced S-profile loco wheels for high-speed locos and Rourkela Steel Plant rolled special plates which were used in the indigenously built rocket PSLV C-7. During the year 2007-08 the company in association with Tata Steel Ltd formed a joint venture company to mine coal blocks for securing assured coking coal supply to meet their increasing production needs. During the year 2008-09 the company incorporated new joint venture companies namely 'SAIL & MOIL Ferro Alloys Pvt Ltd.' and 'S&T Mining Co Pvt Ltd'. They signed a Joint Venture Agreement signed with Govt. of Kerala (GoK) to acquire equity stake in Steel Complex Ltd (SCL) Kozhikode a Govt. of Kerala Undertaking. Also they singed an MoU with Shipping Corporation of India (SCI) for proposal for incorporation of a joint venture company for carrying out transportation of imported coking coal & dry bulk shipping trade.During the year the company signed an MoU with Larsen & Toubro Ltd (L&T) for setting up captive / independent power plants(s) under joint venture using super-critical technology alongwith opportunities to own captive thermal coal blocks. They entered into an MoU with M/s. Rajasthan State Mines & Minerals Ltd. (RSMML) - A Govt. of Rajasthan Undertaking to ensure supply of Low Silica Limestone for a period of 10 years. Also they entered into an MoU with Bharat Earth Movers Ltd (BEML) Bangalore - a Ministry of Defence Undertaking for a period of 3 years for supply of Heavy Earth Moving Equipment.During the year 2009-10 the company added two warehouses and two customer contact offices to their distribution network. With this the company's marketing network has expanded to 37 branch sales offices (BSOs) 26 customer contact offices (CCOs) and 67 Warehouses. The company also expanded their dealer network by appointing 700 dealers during the year. In July 28 2009 Bharat Refractories Ltd was amalgamated with the company with effect from April 1 2007. After amalgamation erstwhile BRL became a unit of SAIL and renamed as SAIL Refractory Unit (SRU). Also the company acquired the assets of Malvika Steel Limited at Jagdishpur in Uttar Pradesh during the year. In August 2010 the company started hot trials at Salem Steel Plant (SSP) after expansion. In May 19 2010 the Government of India accorded the status of 'Maharatna' to the company. During the year 2010-11 all major facilities under expansion plan of Salem Steel Plant completed on schedule in September 2010 and are under stabilisation for regular production. In July 2010 Blast Furnace unit 2 at Bokaro Steel Plant was upgraded & commissioned. They completed upgradation of Plate Mill at Bhilai Steel Plant installation of 700 tonne per day Oxygen Plant & simultaneous blowing of converters in SMS-II at Rourkela Steel Plant and rebuilding of Coke Oven Battery#10 at IISCO Steel Plant Burnpur.During the year Maharashtra Elecktosmelt Ltd (MEL) was amalgamated with the company with effect from April 1 2010 MEL became a unit of the company and it was renamed as Chandrapur Ferro Alloy Plant. In June 2010 Cabinet Committee on Economic Affairs (CCEA) approved transfer of Salem Refractory Unit of Burn Standard Company Ltd to the company.In December 2010 the company signed an MoU with RITES and incorporated an joint venture company SAIL RITES Bengal Wagon Industry Pvt Ltd for undertaking a feasibility study for setting up the Wagon Manufacturing Factory. The work on the newly incorporated joint venture company between SAIL and RITES has already commenced. In February 13 2011 the company formally acquired 50% of the shares held by the Government of Kerala (GoK) in Steel Complex Limited (SCL) Kozhikode and taken over the operations of SCL.In 2012 With an aim to provide impetus to its massive modernisation programme the company which is a fully integrated iron and steel maker producing both basic and special steels for domestic and for sale in export markets has inked a Memorandum of Understanding (MOU) with Swiss based company ABB which deals in robotics and automation technologies for the purpose of offering technical training to more than 4000 of its employees during a period of 24 months. The company also signed a 50:50 joint venture agreement with Burn Standard Company Limited (BSCL) at Kolkata for setting up a Wagon Components Manufacturing Facility at the premises of BSCL at Jellingham Purba Medinipore district in West Bengal with a capacity to produce 10000 bogies and 10000 couplers per annum. The company was also conferred with MoU Excellence Award? for the year 2010-11 for the 9th consecutive year. In 2013 the company won PSE Excellence Award-2013 for CSR & Sustainability and SAIL Bhilai Steel Plant bags the National Energy Conservation Award 2013.In 2014 ICVL acquires Rio Tinto's 2.6 Billion Tonnes coal resource in Mozambique. SAIL awarded Good Corporate Citizen Award 2014 by PHD Chamber. The company's Bhilai Steel Plant wins National Energy Conservation Award 2014. A New Sinter Plant and Coke Oven Battery at Bhilai was inaugurated during the year.In 2015 the company has completed the current phase of the modernisation and expansion of the Bokaro Steel Plant with an investment of Rs 6325 crore. The company also signed MOU with M/s. ArcelorMittal for Auto Body Steel Production. The company also has set up a steel processing unit at Billowa in Madhya Pradesh under partnership between SAIL and Prime Gold Pvt Ltd. The company has won an export contract to supply rails for modernisation and major expansion of railway network in Iran. SAIL's Rourkela Steel Plant (RSP) also has set up power generation unit during the year under review.A Memorandum of Understanding (MOU) was signed on 7 November 2016 between POSCO and Steel Authority of India Ltd. (SAIL) on technical collaboration for operational improvements and Human Resource Development.On 23 January 2017 Union Steel Minister Birender Singh inaugurated the new Universal Rail Mill at Steel Authority of India Ltd.'s (SAIL) Bhilai Steel Plant and flagged off the first rake from the new mill. With this SAIL has begun the commercial production of world's longest single rail of 130 meters from the new Universal Rail Mill (URM).Steel Authority of India Ltd. (SAIL) recorded the best ever sales performance for any given year during FY 17 (Apr-Mar'17) with a growth of 8% over corresponding period last year (CPLY). The total sales stood at 13.143 Million Tonnes in FY17.On 11 September 2017 Steel Authority of India Ltd. (SAIL) announced that it has tied up an External Commercial Borrowing (ECB) of USD 350 million with State Bank of India (SBI) for a door to door tenure of 7 years. The ECB has been arranged by SBI from its Hong Kong Branch and would be utilized by SAIL towards meeting expenditure on capital schemes including modernization and expansion (MEP). The company is in the final leg of completing its balance modernization projects wherein it aims to diversify its product basket with more value added products and ready to use products customized to the market demands.On 3 October 2017 Prime Minister Narendra Modi inaugurated Steel Authority of India's Steel Processing Unit (SPU) Kandrori at a function held in Bilaspur. This Steel Processing Unit of Steel Authority of India Limited (SAIL) shall produce TMT bars. The unit will also be able to produce Earth Quake Resistant and other grades of TMT bars.On 8 October 2017 Steel Authority of India Ltd. (SAIL) announced that it has entered into a strategic agreement with POSCO for wide ranging technical services for its IISCO Steel Plant (ISP) at Burnpur to assist in realizing the benefits from its new and state of the art plant. Under the agreement POSCO will provide technical supervising service including its know-how relating to operation and maintenance of Coke-making Iron and Steel making Continuous Casting Process Cold Dust Injection (CDI) operation and Wire-Rod mills. This agreement is a result of an earlier MoU on Technical Collaboration for Operational improvement and Human Resource Development which SAIL and POSCO had entered into in November 2016. This technical agreement will pave the way for sharing of best practices in the area of technology and maintenance which will immensely benefit SAIL-ISP in reaping benefits from its modernized units faster.Steel Authority of India Limited's (SAIL) first blast furnace `Parvati' situated at SAIL's Rourkela Steel Plant (RSP) was rebuilt under company's modernization and expansion program and was successfully blown in on 8 May 2018. SAIL-RSP's Blast Furnace No.1 - Parvati was rebuilt with state-of-the-art features and additional capacity. The useful volume of this rebuilt furnace in its new avatar has increased from 1139 cubic meter to 1710 cubic metre as a result of which the annual production capacity of the furnace will go up from 0.438 MT per annum to 1.015 MT per annum.On 14 June 2018 Prime Minister Shri Narendra Modi dedicated Steel Authority of India Ltd.'s (SAIL) modernized and expanded Bhilai Steel Plant to the nation. With this historic dedication to the nation SAIL completed its modernization and expansion programme (MODEX) which enhances the steel making capacity of the Company to 21 MTPA.