Global headwinds and recessionary trends in India’s biggest export destinations have led to the sequential fall in Indian merchandise exports.
Steel Authority of India Limited(SAIL), recorded a sales volume of 15.83 Lakh Tonnes in July’20 which is its best ever performance in the month of July and an growth of about 50% over July’19 sales which was 10.59 Lakh Tonnes.
The Company sold 12.73 Lakh Tonnes in the domestic market while it exported 3.10 Lakh Tonnes of steel during July’20, attaining a growth of 29% and 349% respectively over CPLY.
During these challenging times of Corona Pandemic, the Company has reoriented its efforts towards strategic marketing and customer-centric operations leading to improvement in its performance.
The July showing comes immediately after the record June sales achieved during the last month.
SAIL has been able to bring down its borrowings below psychological level of Rs.50000 Crore.
Anil Kumar Chaudhary, Chairman, SAIL said “The Company is working very hard and putting in a synergized team efforts in all areas to improve the overall performance. The efforts being put in have started showing in these record sales numbers, reduced inventory, improved collections and reduced borrowings.The Company is focused on reducing on its borrowings further towards meeting the expectation of all our stakeholders.”