The country's biggest steel manufacturer Steel Authority of India Ltd (SAIL) has exercised a plan to lift up its production up to 60 million tonnes (MT) by 2020.

Mr. C. S. Verma, who recently took over as SAIL chairman, stated, "SAIL is working on a massive expansion project and has set a target to raise production capacity up to 60 MT by 2020, when the country's total steel output will reach 180 MT."

Mr. Verma stated that his main concern was to make the company a worldwide player.

He also informed that SAIL holds presently just 19-20% share of the total steel production in India but by 2020 "we plan to have a one-third of India's total steel output".

Mr. Verma also explained the company's plans to raise the share of value-added products in total saleable steel production from the current 37-38% to a much higher proportion.

While speaking on cost-competitiveness, he stated, "Costs of raw material, particularly that of coking coal, constitutes as much as 40-45 percent of total cost of production. It is, therefore, important that the company has firm plans in place for ensuring future raw material security." (With Inputs from Agencies)