Steel Authority of India Limited

Steel Authority of India Limited
Name	Steel Authority of India Limited
Foundation	24 January 1973
Location	New Delhi, India
Key people	Amarendu Prakash (Chairman)
Industry	Steel
Products	Hot rolled and cold rolled steel, rails, plates, structurals, bars, galvanized products
Revenue	▲ ₹1,04,336 crore (FY 2023)
Operating income	▲ ₹7,864 crore (FY 2023)
Net income	▲ ₹2,453 crore (FY 2023)
Assets	▲ ₹1,20,000 crore (FY 2023)
Equity	▲ ₹44,000 crore (FY 2023)
Num employees	61,922 (2023)
Homepage	https://www.sail.co.in/

Contents

History
Operations and facilities
Products and services
Corporate governance
Financial performance
See also

Steel Authority of India Limited is a central public sector undertaking and one of the largest steel producers in India. Headquartered in New Delhi, it operates under the administrative control of the Ministry of Steel of the Government of India. The company plays a pivotal role in the nation's infrastructure and industrial development, with integrated steel plants and various specialized units across the country.

History

The company's origins trace back to Hindustan Steel Limited, established in 1954 with the commissioning of the first integrated steel plant at Rourkela with collaboration from West Germany. Subsequent plants were built at Bhilai with assistance from the Soviet Union and at Durgapur with support from the United Kingdom. The modern entity was formed on 24 January 1973 through the Iron and Steel (Amendment) Act, 1972, which led to the nationalization and consolidation of several major steel producers. A significant milestone was the merger of the Indian Iron and Steel Company in 2006, bringing the historic IISCO Steel Plant in Burnpur under its control. The company has undergone several modernization and expansion programs, including collaborations with global firms like Kobe Steel and Pohang Iron and Steel Company.

Operations and facilities

The company operates five major integrated steel plants located at Bhilai, Bokaro, Rourkela, Durgapur, and Burnpur. It also manages the Salem Steel Plant and the Visvesvaraya Iron and Steel Plant, which are specialized alloy and mini-steel plants. Key raw material security is provided through captive mines for iron ore under SAIL Raw Materials Division and for coking coal via the Bharat Coking Coal Limited partnership. Other critical facilities include the Research and Development Centre for Iron and Steel in Ranchi, the Centre for Engineering and Technology in Ranchi, and a widespread network of stockyards and sales offices across India.

Products and services

Its product portfolio encompasses a wide range of long products and flat products. Key long products include rails for Indian Railways, structurals, bars, and wire rods. Major flat products comprise hot rolled and cold rolled coils and sheets, plates, and galvanized products. The company also produces stainless steel from the Salem Steel Plant and special steels for the defense sector, automotive industry, and capital goods manufacturing. It provides technical services and project management consultancy through its subsidiary, MECON.

Corporate governance

The company is governed by a Board of directors appointed by the Government of India, with the Chairman serving as the Chief Executive Officer. It adheres to the corporate governance guidelines set by the Securities and Exchange Board of India and is a listed entity on the Bombay Stock Exchange and the National Stock Exchange of India. Key committees include the Audit Committee, the Nomination and Remuneration Committee, and the Corporate Social Responsibility Committee. The company maintains significant partnerships with entities like Rail India Technical and Economic Service and National Mineral Development Corporation.

Financial performance

For the financial year 2022-23, the company reported a standalone total income of ₹1,04,336 crore. Its profit after tax stood at ₹2,453 crore, marking a significant improvement over previous years. Major capital expenditure is directed towards ongoing modernization and expansion projects at its steel plants. The company's financial operations and disinvestment plans are closely monitored by the Department of Investment and Public Asset Management and the NITI Aayog.