Amarendu Prakash Assumes Charge as Chairman of SAIL, Embarks on Transformative Leadership

New Delhi, June 1, 2023: Amarendu Prakash, a seasoned metallurgical engineer with an illustrious career spanning over three decades at Steel Authority of India Limited (SAIL), has taken the reins as the Chairman of the esteemed organization. His appointment was officially announced on Wednesday, marking a significant milestone for both Prakash and SAIL.

Prior to assuming the prestigious position of Chairman, Prakash held the esteemed role of Director in-charge at Bokaro Steel Plant (BSL), a key division within SAIL. His extensive experience and exceptional leadership qualities earned him recognition within the industry, paving the way for this momentous promotion.

Prakash's journey within SAIL began in 1991 when he joined as a Management Trainee (Technical) after completing his studies at the renowned BIT Sindhri. Over the years, he showcased remarkable dedication and proficiency, working diligently across various positions and assuming significant responsibilities within different plants and units of SAIL. Prakash's outstanding performance culminated in his appointment as a Director on the SAIL Board in charge of the esteemed Bokaro Steel Plant in 2020.

His achievements as a technocrat are numerous and varied. Prakash's expertise spans all levels of plant operations, from the shop floor to corporate functions at the head office. Moreover, he has successfully led a large-scale steel plant with mining operations, contributing significantly to SAIL's business transformation and financial turnaround during the pivotal period of 2015-17.

Under Prakash's dynamic leadership as the Director in charge of Bokaro Steel Plant, the facility has achieved unprecedented excellence in various performance parameters year after year. The plant's progress has been both quantitatively and qualitatively remarkable, owing to Prakash's exceptional organizational skills and strategic planning acumen. He has spearheaded significant changes in business processes and project implementation, leveraging his technical proficiency to drive the company's digitization efforts. As a key member of the revenue maximization team, Prakash has played a vital role in formulating comprehensive production and sales strategies that not only enhance organizational value but also cater to the needs of customers.

Prakash's visionary and energetic leadership style has fostered a strong connection with employees at all levels, inspiring them to excel through various initiatives. During his tenure as Director at Bokaro, he championed numerous endeavors to promote sports, including dedicated support for the Special Olympics. Additionally, Prakash has spearheaded impactful social initiatives that have positively impacted the city of Bokaro and its surrounding areas, garnering active participation from the public.

His extensive travels across the globe have enriched his knowledge of the steel and mining industry, positioning Prakash as a respected authority in his field. As he assumes the prestigious role of Chairman at SAIL, industry insiders and stakeholders eagerly anticipate the transformative leadership and strategic direction he will bring to the organization. About SAIL: Steel Authority of India Limited (SAIL) is one of India's leading steel producers, catering to various sectors including infrastructure, construction, and manufacturing. With a rich history and a commitment to technological advancements, SAIL plays a vital role in driving the nation's economic growth and development.

MOIL Achieves Record 4.02 Lakh Tonnes of Manganese Ore Production, 7% Growth YoY

In a recent development, the Board of Directors of MOIL, has given its approval to the financial results for the fourth quarter and the entire financial year ending on March 31, 2023. During the fourth quarter of the fiscal year 2022-23, MOIL witnessed a remarkable growth of 7% compared to the corresponding period last year (CPLY). The company achieved a production of 4.02 lakh tonnes of manganese ore, while sales improved to 3.91 lakh tonnes, marking a growth of 3% over CPLY. Additionally, the sales revenue from Electrolytic Manganese Dioxide (EMD) surged by an impressive 48% year-on-year.

For the entire fiscal year 2022-23, MOIL recorded its second-highest ever production since the company's inception. The company's sales of manganese ore stood at 11.78 lakh tonnes, slightly lower than the previous year due to prevailing market conditions. However, the sales turnover of EMD during the fiscal year reached a new high, showcasing over 100% growth compared to CPLY.

Furthermore, MOIL achieved a record capital expenditure (CAPEX) of Rs. 245 crores in FY'23, which nearly matches the net profit (PAT) of the year. The company also conducted its most extensive exploration core drilling to date, covering a distance of 41,762 meters in FY'23. This exploration will not only contribute to increased production from existing mines but also lay the foundation for the opening of new manganese mines in the country.

In terms of financial performance, MOIL reported a profit before tax (PBT) of Rs. 334.45 crores and a profit after tax (PAT) of Rs. 250.59 crores during FY'23. The company has recommended a total dividend of Rs. 3.69 per share for the year, inclusive of the interim dividend of Rs. 3.00 per share already paid.

Expressing his views on the achievement, Shri Ajit Kumar Saxena, CMD MOIL, emphasized the company's unwavering commitment to attaining higher growth. He stated that specific plans have already been implemented to drive this growth. Furthermore, the company aims to sustain its growth trajectory by targeting double-digit production growth in the upcoming fiscal year, FY'24.

India's Steel Demand Expected to Grow by 7.5% in Current Financial Year: Indian Steel Association

The Indian Steel Association (ISA) has projected that the domestic steel demand in the current financial year will witness a growth of 7.5%, reaching 128.85 million tonnes (MT). According to the ISA, India's total steel demand for FY23 stood at 119.86 MT.

In a statement issued on May 26, the ISA stated, "Driven by a strong momentum in infrastructure spending and sustained growth in urban consumption, steel demand in India will continue to expand by 8-9 million tons each year in the next two financial years, resulting in an expected growth of 7.5% in 2023-24 and 6.3% in 2024-25."

The association further predicts that India's steel demand for FY25 will reach 136.97 MT, growing at a rate of 6.3%.

Highlighting India's resilience in the global economic landscape, the ISA said, "In an otherwise gloomy global economic environment, India has been a bright spot, defying global trends. India has also successfully reigned in inflation that is still plaguing major advanced economies." It added, "The steel sector has benefited from strong economic growth as the correlation between growth in steel demand and GDP growth is quite strong, especially if the economy grows by around 6% or more with the multiplier being more than one in such scenarios." The ISA's forecast is based on the demand side, taking into account the steel-using sub-sectors. It expects all steel-using sub-sectors to grow at a rate of 6% or higher in both FY24 and FY25.

The association anticipates that the increasing share of investment in GDP, supported by robust government capital expenditure and improved private investments, will drive growth in the construction, railways, and capital goods sectors.

Furthermore, the ISA expects sustained healthy growth in the consumption-driven steel-using sectors, such as automotive and consumer durables. It notes that private consumption will mainly be sustained by urban consumption, while rural consumption is expected to witness a steady recovery.

Regarding the intermediate goods sector, the ISA suggests that the global demand slowdown may limit the export sector's potential. However, growth in this sub-sector is expected to remain robust, primarily due to the correlated growth in the automobile and capital goods sectors.