Strategic disinvestment of Salem Steel Plant approved

The plant has been consistently making losses for the last five years despite an investment of Rs 2,200 crore by SAIL

GN Bureau | November 30, 2016


#Salem Steel Plant   #Strategic disinvestment   #maharatna   #SAIL   #PSU  

The government has given in principal approval of strategic disinvestment of Salem Steel Plant (SSP) – the loss-making subsidiary of the country’s biggest steelmaker Steel Authority of India Limited (SAIL). 

 
In a written reply to the Lok Sabha, minister of state for steel Vishnu Deo Sai said that SSP, a special steel unit of SAIL, pioneered the supply of wider width stainless steel sheets and coils in the country. “The government has accorded in-principle approval of strategic disinvestment of SSP in Salem district of Tamil Nadu. SSP is a loss-making unit of Maharatna firm SAIL”, the minister said.
 
“It has been consistently making losses for the last five years despite of pumping in investment of around Rs 2,200 crore by SAIL, under the modernisation and expansion project of SSP,” the minister said.
 
The Salem plant can produce austenitic, ferritic, martensitic and low-nickel stainless steel in the form of coils and sheets with an installed capacity of 70,000 tonne per annum in cold rolling mill as well as 3.64 lakh tonne a year in hot rolling mill.
 
 
 

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