MUMBAI, OCT 1: Despite depressed market conditions, steel majors have managed to step up their production levels in the first half of the current year, indicating a slow turnaround in their fortunes.Tata Iron & Steel Company (Tisco) improved its crude steel production by 3.4 per cent during the first half of the current fiscal over the corresponding period of 1996-97, a company press release said.Similarly, total sales of steel improved by three per cent during the same period and exports increased by 14 per cent. Tisco produced 1.569 million tonnes of crude steel during April-September 1997 against 1.517 million tonnes in the corresponding period of 1996. Total sale of steel went up from 1.123 million tonnes to 1.156 million tonnes. It exported 204,000 tonnes in April-September 1997 against 178,000 tonnes in the first half of the previous fiscal.Steel Authority of India Limited (SAIL) saw an 11 per cent rise in finished steel sales during the first six months of the current fiscal, compared to the corresponding period last year.The sudden turnaround in the public sector undertaking's (PSU) sales performance in a sluggish market, was partly possible because of a dramatic 117 per cent growth in exports to 3.73 lakh tonnes from 1.71 lakh tonnes in the first half of last year. The company also exported 1.21 million tonnes of pig iron this year.September sales made a significant difference to the company's inventory levels, accounting for a total offtake of 6.8 lakh tonne of finished steel. Last month's sales were a whopping 43 per cent higher than that of September 1996, when SAIL had sold 4.75 lakh tonne of finished steel.Including the sales of ingots (or semis), the offtake of steel from SAIL outlets went up to 6.81 lakh tonne last month, from 5.07 lakh tonne in September 1996, showing a 34 per cent jump. Last month's dramatic boost in sales seems to have rectified much of the damage done by the poor offtake of steel in the past few months.Not counting ingots, domestic sales of the public sector giant is now 11 per cent higher for the first half of this fiscal at 2.91 million tonne, compared to the first half of last year, when the company had sold 2.78 million tonne of finished steel. Including the sale of ingots, the giant's sales performance seems less fascinating, demonstrating a six per cent rise to 3.29 million tonne this year, from 3.11 million tonne in the first six months of last year. Consumer offtake was particularly noticeable in SAIL's wire rods, light and heavy structurals, and hot rolled sheets.
