Steel Authority of India, Thermax, United Phosphorus

STEEL AUTHORITY OF INDIA Turning Around Steel Authority of India (SAIL), the public sector steel behemoth, is on the verge of a turnaround backed by the upsurge in the steel sector. The company after incurring successive losses for the last five years, reported profits of Rs 242 crore in the last quarter of 2002-03. As a whole, losses of Rs 304 crore during 2002-03 was lower from that of Rs 1,707 crore incurred in 2001-02. It has continued to maintain its improved performance in the earlier quarter and announced a profit of Rs 255 crore in the first quarter of 2003-04. This performance has been made possible by the buoyancy in demand for steel, which has witnessed a growth in domestic finished steel consumption by 5.7 per cent in 2002-03. This coincided with a pick up in global demand for steel, firming up international prices, the impact of which was felt in about 20 per cent rise in the domestic market. The global demand for steel is estimated to have grown by 6 per cent in 2002-03, particularly fuelled by the huge consumption of steel in China. With buoyancy in both the domestic and the international demand, the steel business scenario looks upbeat.