Ministry of Steel to appoint external consultant for SAIL performance review

Ministry of Steel to appoint external consultant for SAIL performance review 

            A performance review meeting of Steel Authority of India Limted (SAIL) was held at Udyog Bhawan today. Minister of Steel & Mines Shri Narendra Singh Tomar chaired the meeting, which was attended by senior officials from Ministry of Steel and top management of SAIL.

            While addressing the meeting, Shri Narendra Singh Tomar emphasized the significance of cost reduction at all levels. Expressing concern over the net loss in the preceding quarter, the Minister pointed out the need for enhancing value added production and improving productivity. Shri Tomar underscored the need for aggressive marketing to retain its market share and to improve production of saleable steel. He highlighted the need for better operation management for reducing production of semis and bringing down inventory.

            Shri Narendra Singh Tomar directed that an external consultant may also be appointed by Ministry of Steel for a 360 degree review of SAIL’s structure. The consultant may have the mandate to identify critical projects and bottlenecks therein, to recommend a holistic operational and marketing strategy, to propose a time-bound and outcome-oriented turnaround strategy and to monitor and steer the execution of this strategy in close coordination with Ministry of Steel.

            The Secretary, MSME, GOI with Additional Charge of Chairman, SAIL Dr. Anup K. Pujari, earlier apprised about the decisions taken by the Board to monitor the developing situation on a regular basis. 

            The Secretary, Steel  Ms. Aruna Sundararajan remarked that SAIL is at its tipping point in its corporate journey. It needs to act judiciously & fast at this critical juncture. The action plan presented by SAIL in the meeting needs to be implemented effectively, she added. She emphasized that the aim should be to enhance NSR and reduce the cost of operation, so that the company attains positive margin in the second half of 2015-16.

            The Union Minister for Mines and Steel, Shri Narendra Singh Tomar at a review meeting of the Ministry of Steel, in New Delhi on November 24, 2015. The Secretary, Ministry of Steel, Smt. Aruna Sundrarajan and the Secretary, Ministry of Micro, Small & Medium Enterprises and CMD, SAIL, Dr. Anup K. Pujari are also seen.

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