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Steel Authority of India plans capital expenditure

Steel Authority of India Ltd (SAIL) has announced plans to invest Rs 6,500 crore (approximately USD 867 million) in capital expenditure during the current fiscal year, as part of its broader Rs 1 lakh crore (approximately USD 13.3 billion) investment strategy over the next few years, according to Amarendu Prakash, Chairman of the Steel Authority of India Ltd.

Steel Authority of India plans capital expenditure

He emphasized that this year's investment will support facility maintenance, debottlenecking exercises, and initial expansions aimed at achieving a capacity of 35 million tonnes per annum by 2031, with further ambitions to reach 50 million tonnes later.

Regarding concerns over cheap Chinese steel flooding the Indian market, Prakash noted the steel industry's appeal to the government for measures against such practices. He expressed optimism about potential steps being taken to mitigate this issue, citing global precedents where countries have implemented import taxes to regulate steel inflows. India, he suggested, will adopt similar calibrated measures based on the quality and pricing of imported steel.

Looking ahead, Prakash underscored India's robust steel demand growth, contrasting the world's 0.5% growth rate with India's 13% expansion last year, expecting an 8% compound annual growth rate (CAGR) over the next decade. He emphasized SAIL's commitment to maintaining a debt-equity ratio of 1:1 amid its ambitious expansion plans across greenfield and brownfield projects.

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