Date | Jan 02, 2017:
India's largest steel maker SAIL on said there is a need to develop indigenous sources of coking coal to meet its requirements as a recent rise in the price of metallurgical coal was putting pressure on its operations.
While addressing his employees for the first time through company's Facebook and Twitter account, SAIL Chairman P K Singh said that the steel maker currently meet the maximum requirement of coking coal through imports.
"The recent hike in coking coal prices, is putting pressure on our operations," he said.
"Given the unprecedented volatility in international markets, we need to develop indigenous sources of coal to meet our requirements. Also, there has to be the wise use of this input material with attaining efficient pushing coefficient," he added.
Coking coal, also known as metallurgical coal, is used to create coke, one of the key irreplaceable inputs for the production of steel.
"While we augment our volumes, we are likewise planning to raise our mining capacities to sustain the growth. At the same time, greater emphasis on beneficiation and alternate routes of steel production will have to be explored for being able to use these low-grade raw materials which are available in abundance," he said.
Extending new year wishes to his employees, Singh said, "Last year, while I interacted with you on this occasion as Chairman, it was barely a few weeks since I took over. Our company had several challenges to overcome during that period. Our inventory levels were high, production was sub-optimal and modernised units were not producing to the required levels," he said.
"I had expressed confidence that with the dedicated efforts of the 85,000 ignited minds in SAIL, we could overcome any challenges, howsoever daunting they were," he added.
(Source: http://www.business-standard.com/)