SAIL expected to reduce price of steel products

SAIL expected to reduce price of steel productsSteel Authority of India's top official said on Wednesday that the company is thinking of reducing the price of steel products.

As per the official, the reduction will be somewhere between Rs. 1,500-2,000 per ton from June 1.

Talking to media, Assistant General Manager of SAIL said that since the domestic inventory of the company has built up to a sufficient amount, the price of the steel products can now be reduced.

SAIL has 12.5 million tons of steel. 60 per cent of this is flat steel and the rest is in form of long steel. And if the prices are reduced then it will be done because the imports are rising and also the domestic demand has continued to go up.

Meanwhile, in another development, the steel ministry has said that it will restructure the board of SAIL. This will be done so that the company is able to function in a more flexible manner.

The ministry has asked for the approval from the union cabinet for appointing seven new independent directors. The current size will also be reduced from 24 to 18.