BackSteel ministry to appoint external consultant to review SAIL performance
Steel minister Narendra Singh Tomar calls for increase in value-added production
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Mumbai: The steel ministry will appoint an external consultant to review the performance of state-run Steel Authority of India (SAIL).
The decision was taken by steel minister Narendra Singh Tomar at a performance review meeting held on Tuesday, in which he called for increase in value-added production.
The consultant will identify bottlenecks in critical projects and recommend an operational and marketing strategy, the ministry said in a statement on Tuesday. The consultant will also suggest a turnaround strategy and monitor its execution in coordination with the ministry.
Steel secretary Aruna Sundararajan said the company is at its tipping point in its corporate journey.
For the July-September period, SAIL reported a standalone net loss of ₹ 1,055.96 crore due to lower sales. Tomar cautioned the company against aggressive marketing to retain its market share and called for higher production of saleable steel.
On Tuesday, SAIL closed at ₹ 43.90, flat from its previous close of ₹ 44. The benchmark Sensex stood at 25,775.74 points, down 0.17%.
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