Steel Authority of India Chalks Out Mammoth Investments in FY24

The company seeks to double its capacity at the ICVL-owned joint venture Mozambique coal mine from existing 2 mt to 4 mt.

SEATTLE (Scrap Monster): Steel Authority of India Limited (SAIL) - the state-run steelmaker announced huge investment plans.

According to Amarendu Prakash, chairman, SAIL, the company plans to invest approximately INR 5,500 crore during the fiscal year FY24 towards capacity expansion. The current expenditure includes various sustenance projects and de-bottling projects, he said while addressing a conference. It must be noted that the steelmaker had made an investment of around INR 8,000 crore during the previous fiscal year.

The latest investment plan is part of its previously announced plans to make investments amounting to INR 1,10,000 crore in order to reach annual crude steel capacity of around 35 million tonnes (mt) by 2031-’32, higher from the existing capacity of 20.6 mt per annum. The announcement to this effect was made by the government in August last year.

The INR 5,500 crore investment makes 50% of the total proposed investment of INR 11,000 crore by the company towards augmenting its existing facilities. The company seeks to double its capacity at the ICVL-owned joint venture Mozambique coal mine from existing 2 mt to 4 mt.

The agreement reached by the steelmaker to import cheaper coal from Russia will help offset impacts caused by surging coking coal prices, thus providing cushion for the steelmaker.

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