‘We have cut 7,000 crore of debt since April 2020,’ says Soma Mondal, Chairman, SAIL | Interview – News 24-7 Live News 24-7 Live
‘We have cut 7,000 crore of debt since April 2020,’ says Soma Mondal, Chairman, SAIL | Interview

‘We have cut 7,000 crore of debt since April 2020,’ says Soma Mondal, Chairman, SAIL | Interview

The uptick in activity in the construction, infrastructure and manufacturing sectors augurs well for the industry in general and SAIL in particular, says Mondal.

Steel Authority of India (SAIL) has largely overcome the Covid-19 crisis, posting a healthy profit in the third quarter. In her first-ever interview since she assumed charge as chairman on January 1 this year, Soma Mondal speaks to Surya Sarathi Ray about the steel industry’s prospects in the near term and the company’s plan to reduce its debt further. Edited excerpts:

SAIL performed well in the December quarter of the ongoing fiscal. What’s in store from you in the last quarter and the 2021-22 fiscal?

The start of the current financial year saw us battling issues on two fronts. Firstly there was the pandemic which posed a serious challenge to the life and well-being of our employees. And then we faced liquidity and profitability issues while running operations at our plants at minimum levels. The SAIL family, however, stood up to these challenges and came out with flying colours. The fruits of these efforts were visible as early as June when the lockdown was lifted and the economy revived. The steel sector echoed the sentiments of the overall economy both in terms of demand and supply. In fact, SAIL posted its best-ever sale performance month after month and was back in the black in the second quarter results. With the markets regaining momentum in Q3, SAIL posted a net profit of `1,283 crore. The outlook for the industry is quite good. There is a lot of positive sentiment. The uptick in activity in the construction, infrastructure and manufacturing sectors augurs well for the industry in general and SAIL in particular.

News Source:- Financial Express

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