SAIL aims at reducing net debt to Rs 15,000-20,000 crore in FY22

Steel Authority of India Ltd looks to reduce its net debt to a range of Rs 15,000-20,000 crore in the current fiscal, a top company official said on Thursday.

“We are aiming at reducing the debt drastically from around Rs 30,000 crore now to anywhere between Rs 15,000-20,000 crore, depending on steel prices and demand situation,” SAIL chairman Soma Mondal said.

The PSU has around Rs 30,000 crore net debt as of June 30, 2021, down from Rs 35,350 crore by end of the previous fiscal.

Mondal was hopeful that demand will pick up in the coming months. Prices of flat products remain stable, while those of long ones are improving, she added.

SAIL  had decreased its net debt by Rs 16,131 crore to Rs 35,350 crore during the 2020-21 financial year.