SAIL Current Affairs

SAIL wins 2016 Golden Peacock Award for corporate governance

The Steel Authority of India Limited (SAIL) has won the prestigious 2016 Golden Peacock Award for Corporate Governance.

The award was received by Ashwini Kumar, CEO of Rourkela Steel Plant (RSP) on behalf of SAIL during the 16th London Global Convention on Corporate Governance and Sustainability in London, UK.

SAIL was bestowed with this award on account of its exemplary performance in the field of corporate governance i.e. for balancing the interests of all the stakeholders of the company management, customers, shareholders, suppliers, financiers, government and the community.

About Steel Authority of India Limited (SAIL)

  • SAIL is one of the largest state-owned steel in India and one of the top steel makers in world. SAIL is the 24th largest steel producer in the world.
  • It was founded in 1954 and incorporated in 1973. Its headquarters are in New Delhi.
  • It operates and owns 5 integrated steel plants at Bhilai, Durgapur, Rourkela, Bokaro and Burnpur and 3 special steel plants at Salem, Durgapur and Bhadravathi.

About Golden Peacock awards

Instituted by the Institute of Directors (IoD) in 1991. They are presented annually under various categories. The awards comprise to sets Global Awards and National Awards.

 

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SAIL, ArcelorMittal ink MoU to set up steel plant in India

Steel Authority of India (SAIL) and world’s largest steelmaker, ArcelorMittal signed a MoU to set up an automotive steel manufacturing facility in India.

The MoU was signed by ArcelorMittal Chairman & Chief Executive Lakshmi Niwas Mittal and SAIL Chairman CS Verma in London.

Under the MoU, the project will be set up through a joint venture involving both parties. Under this project a state-of-the-art cold rolling mill and other downstream finishing facilities will be constructed in India.

These facilities will offer technologically advanced steel products to India’s rapidly growing automotive sector. However in the MoU the location and size of the plant is not decided.

By tying up with ArcelorMittal, SAIL will get an advantage in the indigenous production of high-quality automotive steel. It will also broader SAIL’s effort in order to fulfill the high-quality steel requirements of the rapidly growing infrastructure and manufacturing sectors in India.

It should be noted that NRI billionaire Laxmi N Mittal-led ArcelorMittal, is world’s leading steel supplier company to the global automotive sector. It has global market share of approximately 17%.

In 2014, the company had shipped over 13 mt steel to automotive customers globally in 2014 with in revenues in excess of US 12 billion dollars.

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