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Journalism of Courage
Bhilai Steel Plant (BSP), the public sector Steel Authority of India Ltd’s (SAIL) flagship unit, has earned a record profit of nearly Rs 2,000 crore for the last financial year.
Net profit is at Rs 735 crore and the plant has also set an annual production record. This, despite the plant having to cut down its hot metal and crude steel production by as much as 35 per cent due to a crisis in the supply of coal from Australia a fortnight ago.
The production of saleable steel touched the 4.08 million tonne mark, a 13 per cent growth over the previous year. There was a record 21 per cent growth in steel export and the supply of high-quality rails. The plant, said Managing Director R.P. Singh, combated the coal crisis by strategically balancing its product mix to cash in on the demand for high-cost finished products. BSP did not allow the coal shortage to hit production of bread and butter products.
Hence, total profit for 2003-2004 remained unaffected. When SAIL finalises its accounts, the profit may exceed Rs 2000 crore.
