Having turned around in the last quarter of 2002-03 after a gap of five years, Steel Authority of India has fixed a turnover target of Rs 20,000 crore for turning profitable in the current financial year, and would downsize its manpower by 10,000 as part of cost-cutting efforts. ‘‘We are committed to turn the current fiscal into a profitable one even if the existing conditions with regard to demand and prices do not improve, though they should not deteriorate further,’’ Sail chairman V.S. Jain said. Despite marginal fall in demand as well as prices of steel, Sail managed to export 2 lakh tonne of steel, which is 20 per cent of its export target of 1 million tonne in 2003-04.
