India: SAIL achieves record monthly sales in Jul '20
Aug 06, 2020 11:00
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Steel Authority of India (SAIL) has achieved highest ever sales in the month of Jul '20 at 1.58 mn t, a sharp growth of about 50% y-o-y over 1.05 mn t in Jul '19. This is for second month in a row when the company attained highest monthly sales after selling 1.27 mn t in Jun '20. It sold 1.27 mn t in the domestic market while it exported 310,000 t of steel during Jul '20, attaining a growth of 29% and 349% respectively over Corresponding Period Last Year (CPLY), the company informed in a press release.
Also, the company has been able to bring down its borrowings below psychological level of INR 50,000 crores through consequent improvement in cash collections despite lower prices compared to CPLY coupled with stringent financial measures.
Shri Anil Kumar Chaudhary, Chairman, SAIL commented, “The Company is working very hard and putting in