Ahmedabad: The state-run steel major Steel Authority of India (Sail) production target for the next fiscal is likely to be 10 per cent more compared to this fiscal, company chairman S K Roongta said here today.
"We are in the process of finalising production targets for 2010-11 fiscal and that is expected to be higher than the production of 2009-10 at least by 10 percent," Roongta told newsmen here.
"We are not commissioning any new facility this year, except for our stainless steel unit at Salem in Tamil Nadu, where we are creating steel making capacity with electric furnace facility and also increasing capacity of our hot strip and new cold rolling mills," he added.
"The steel making at Salem shall be two lakh tonne and hot rolling mill will be over four lakh tonne, after the commissioning of the unit this June," Roongta said. This would double capacity of the hot and cold rolling mills, he added.
"The stainless steel units at Salem is coming up with an investment of around Rs 1,800 crore," Roongta said.
Roongta expects the stainless steel industry to grow between 12 and 15 per cent rate annually, with prices of steel remaining stable at the current levels.