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January 2011
Corporate PresentationStrictly private and confidential
Steel Authority of India Limited
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Section 1Overview of SAIL
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SAIL Largest Steel Producer in India(a)
FY2010 saleable steel production of 12.63MT
Identified modernisation and expansion plan expanding
Second largest iron ore mining operations in India
.
One of only four PSEs in India accorded Maharatna status
FY2010 saleable steel sales of 12.1MT, revenue ofUS$8,954m and net income of US$1,511m
Market capitalization of US$16.9 billion(b)
3
Notes: USD-INR exchange rate of 45.31 as on January 6, 2011(a) For the year ended 31-Dec-09. Source: Joint Plant Committee, Ministry of Steel(b) Market capitalization as on January 6, 2011, Bombay Stock Exchange
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...With an Established and Successful OperatingTrack Record...
Over 50 years of experience in the steel sectorOver 50 years of experience in the steel sector
1954 1973 1978 1986 1989 1992 1996 1997 1998 2006 20101995
Hindustan SteelLtd (HSL)established
HSL comprised
SAIL became anoperatingcompany
Steel making
MaharashtraElektrosmeltLimited(MEL) taken
Listing of SAILon BombayStockExchange
SAIL accordedNavratna status
IISCO mergedwith SAIL
SAIL embarkedon the
Bhilai Steel
Plant, DurgapurSteel Plant,Rourkela SteelPlant and Alloy
subsidiaries
dissolved andmerged into SAIL
Demerger ofHSCL and NMDC
over as a
subsidiary
(BSE) modernization
and expansionplan
Listing of SAIL onNational StockExchange of India
companies
Indian Iron &Steel Company(IISCO) takenover as asubsidiary
SAIL incorporated as a holding company for HSL,Bokaro Steel Ltd, Salem Steel Ltd, Hindustan SteelWorks Construction Ltd (HSCL), Bharat Coking Coal
VisvesvarayaIron & Steel Ltd(VISL) taken
Listing of SAILGDRs on theLondon Stock
VISL mergedwith SAIL
SAIL accordedMaharatna status
4
, a ona nera eve opmenCorporation Ltd (NMDC) over as asubsidiary xc ange
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...and Strategically Located Operations
Total current saleable steel capacity 11.20MTPAManufacturin facilities
Plant
Currentnameplatecapacity
(MTPA)
FY10production
(MT)
Plannedinstalledcapacity
(MT)(a)
FY10 saleable steel production 12.63MT
Total saleable steel capacity post expansion 20.23MTPA
Integrated steel plants
Bhilai Steel Plant 3.15 4.37 6.56
Durgapur Steel Plant 1.59 1.88 2.12
Rourkela Steel Plant 1.67 2.00 3.99
Bokaro Steel Plant 3.78 3.46 4.18
Madhya Pradesh
Odisha
West Bengal
Jharkhand
. . .
Special steel plants
Salem Steel Plant 0.18 0.23 0.34
Maharashtra
Alloy Steels Plant 0.18 0.18 0.43
Visvesvaraya Iron &Steel Plant
0.10 0.10 0.22
Total 11.20 12.63 20.23
Integrated steel plants
Alloy and special steel plants
Ferro alloy plant
Iron ore mine
Limestone mine
Karnataka
Tamil Nadu
5
o om e m ne
Coal mineNote: Capacity numbers refer to saleable steel capacity(a) After implementation of modernisation and expansion plan Note: Map not to scale
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Section 2Positive Sector Dynamics
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India A High Growth Economy
India one of the fastest growing economies
10.5%9.7%
7.5%
5.0%
4.0% 2.7%
9.6%8.4%
4.1% 3.9%4.3%
2.2%
9.5%
8.1%
4.1% 3.8% 4.0%2.4%4%
6%
8%
10%
12%
alG
DPgrowth
0%
2%
China India Brazil Mexico Russia Advanced economies
R
2010P 2011P 2015PNote: Annual percentage change in GDP at constant prices
Sector-wise infrastructure investment Infrastructure investment as % of GDP
Source: International Monetary Fund, World Economic Outlook, October 2010 update
...with rapidly increasing infrastructure spend
6.0%6.5%
7.3%8.2%
9.3%
6%
8%
10%
turein
vestment
%
ofG
DP
217.9
514.0
200
400
600
(US$bn)
0%
2%
4%
FY08 FY09 FY10 FY11 FY12
Infrastruas
0
X plan XI plan
Electr ic ity ( incl. NCE) Roads and Bridges Telecommunicat ion
Railways (incl. MRTS) Irrigation (incl. Watershed) Water Supply and Sanitation
Ports Airports Storage
7
Source: Planning CommissionNote: USD-INR of INR40/$Source: Planning Commission
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With a High Growth Potential Steel Market
Steel consumption in India has been growing rapidly...
31.2 34.0 34.2
39.243.1
49.155.5 53.6
57.6
40
50
60
70
(MT)
0
10
20
2001 2002 2003 2004 2005 2006 2007 2008 2009
Source: World Steel Statistical Yearbook 2010
...with growth projected to sustain However, per capita consumption is low
.422.1
203.1 193.3200
300
400
pitaconsumption
(kg)
8.2%
13.6%
10%
15%
andg
rowth
India isexpected to be
the 3rd largeststeel consuming
49.8
0
100
Japan China US World India
2009perc
0%
2010 2011
De country after
China and USAby 2011
8
Source: World Steel Association Statistical Yearbook 2010Source: World steel short range outlook, October 2010, World Steel Association
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Driven by Large, Growing End Markets
Strong growth on the back of improved economic conditions and strong infrastructure spending by thegovernment
s ng construct on act v ty n t e rea estate, n rastructure an n ustr a segments expecte to oost t edemand for long steel products
Sector has grown at a CAGR of 10.34% from FY2004 to FY2010(a)
Prime demand driver for allo steel
AutomobileAutomobile Production of passenger and commercial vehicles expected to reach 4.9 million and two and three-wheelerproduction expected to reach 36.5 million in 2016(b)
Growth in auto components resulting from growth in automobiles demand to further support thegrowth of steel industry
ConsumerConsumerDurablesDurables
Sector expected to witness robust growth on account of rising consumer income levels
Domestic appliances market expected to drive demand for flat steel products
Oil & GasOil & GasIndustryIndustry
Major consumer of steel tubes and pipes
Expected to increase demand for long products, such as pipelines
Expected to drive demand for steel used in the construction market due to increases in refinery capacity(b)
Machinery &Machinery &EquipmentEquipment
Major consumer of steel products and has been witnessing strong growth
9
(a) Source: Society of Indian Automobile Manufacturers(b) Source: India Brand Equity Foundation (Ministry of Commerce and Industry)
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Section 3SAIL: Well Positioned to Benefit
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Leadership Position in India
Largest steel producer in India
Crude steel Finished steel
10%
21%
Tata Steel
SAIL
8%
17%
Tata Steel
SAIL
4%
5%
5%
8%
Ispat
Essar
Rashtriya Ispat
JSW
4%
5%
5%
8%
Ispat
Essar
Rashtriya Ispat
JSW
Non-flat products Flat products
3%JSPL 2%JSPL
with leadership across products
5%
10%
10%
Tata Steel
Rashtriya Ispat
SAIL
12%
15%
23%
Tata Steel
JSW
SAIL
0%
0%
1%
Essar
Ispat
JSPL
0%
2%
9%
Rashtriya Ispat
JSPL
Ispat
ssar
11
Note: Share of production for sale for FY2010Source: Joint Plant Committee
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Fully Integrated Producer with Strategically LocatedOperations...
Bokaro
Madhya Pradesh
West Bengal
JharkhandChhattisgarh
Purnapani
Bhawanthpur
Tulsidamar
Chasnalla
Jitpur
Ramnagore
SteelPlant
Durgapur
Satna
Kuteshwar
Hirri Bolani Thakurani
IISCO Steel Plant
Integrated steel plants
OdishaMaharashtra
DallijRajhara
BarsuaTaldihKalta
Rourkela Steel Plant
Chiria, Gua, KiriburuMeghahatuburu
Steel PlantNandini
BhilaiSteel Plant
Alloy and special steel plants
Ferro alloy plantIron ore mine
Limestone mine
Dolomite mine
Coal mineKarnataka
Kenchapura
Bhadigund
Five integrated steel plants and three special steel
plants located principally in eastern and southern IndiaTamil Nadu
Easy and cost efficient access to raw materials
Note: Map not to scale
12
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...and Access to Large Resource Base
Access to largecaptive raw
materials base
Second largest mining operations in India in FY2010
99.9% of iron ore requirement in FY2010 through captive supplies
Plans to ramp up existing mines to meet post expansion requirements
41% of dolomite and 38% limestone requirements in FY2010 met through captive sources
Large land bank Sizeable land bank provides flexibility for expansion and growth at existing locations
Relativeself sufficiency
in ower
Owns and operates four captive power plants (aggregate capacity of 211MW)
50% interest in four captive power plants (aggregate capacity of 1,116MW)
114,000 full-time employees including over 15,000 executives Reducing employee cost / tonne - expanded capacity planned to be operated with the current
arge s emanpower base
num er o emp oyees
Management Training Institute plays key role in enhancing the managerial competence ofexecutives
Emphasis on skill based training to remain competitive
13
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Diversified Product Mix Supported by StrongDistribution and Sales Network
Comprehensive product portfolio Strong distribution and sales network
HRC CRC Wire Rails
Jammu & Kashmir
HimachalPradesh
37 branch sales offices and67 warehouses
Over 2,500 dealers across
Steel Plate Steel Bar Sections TMT
Punjab
Haryana
Rajasthan
Uttaranchal
Uttar Pradesh
Bihar
Sikkim
ArunachalPradesh
Assam Nagaland
Delhi
630 districts
FY2010 sales breakup by productsGujarat
Madhya Pradesh
Orissa
West Bengal
Maharashtra
Jharkhand
Manipur
MizoramTripura
Chhattisgarh
Andhra Pradesh
Plates20.6%
Coated
Rods / bars16.7%
Semis10.9%
0.5%
Branch sales offices
1. Northern region
2. Eastern region
3. Western region
4. Southern region
Corporate office
CMO Headquarters
Regional offices
Departmental warehouse
Consignment agency yard
TamilNadu
Kerala
HR coils /sheets28.2%
Railwaymaterials
Structurals
CR coils /sheets6.7%
products2.0%
14
Shipping office
Customer contact office
7.3%.
Note: Map not to scale
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In-house R&D Centre and Captive Engineering Shops
Strong management focus on R&D initiatives providing competitive edge
New technologies andproducts
Improving processes and products
Cost reductionQuality
improvementEnergy
conservationAutomation
Product developmentand application
Equipped with over 300 scientists and engineers
Strong track record of developing and commercializing improved processes and products
u p e pa en s ve pa en s an copyr g s e o a e
Bagged 10 prestigious awards for excellence in FY2010
Significant products developed include:
DMR 249 Gr. B Q&T plates used in aircraft carrier ships
Roof / rock bolt TMR rebars used in mines and tunnels
Captive engineering shops and refractory plants enable refurbishment and manufacturing of certain costly
15
equipment and spares in-house
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Experienced Management Team Supported by StrongExecution Team
Experienced Management Team
C S VermaChairman
Soiles BhattacharyaDirector(Finance)
B B SinghDirector (Personnel)
Shuman MukherjeeDirector (Commercial)
Devinder KumarExecutive Director
..Supported by Strong Execution Team
V K AroraExecutive Director(In-Charge), Bhilai
Steel Plant
P K BajajCEO, Durgapur
Steel Plant
S N SinghCEO, Rourkela
Steel Plant
S S MohantyCEO, BokaroSteel Plant
N K JhaExecutive Director(In-Charge), IISCO
Steel Plant
16
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Responsible Corporate Citizen
Focus on CSR initiatives Environmental Protection and Conservation
Measures undertaken to minimize environmental impactinclude
Established environmental department at each of the
Installed various types of anti-pollution equipment for thetreatment of waste water, air pollution, solid waste andnoise pollution emitted from our production facilities
Currentl usin modern cleaner technolo inmodernisation and expansion projects
Objective to plant over 20 million trees
Committed to minimising waste generation and promotingrecover , rec cle and reuse
Implementing various schemes to improve the quality of lifeof the local population in vicinity of our steel plants
Focus on Education & Health issues
Shown a positive trend recently in reduction in air emissions,effective water and effluent management and enhancedwaste utilization
Ongoing modernisation and expansion programme includes
Adopted 79 villages across eight states that are graduallybeing developed as model steel villages (MSV). 54 MSVshave been completed
Our CSR programme has received various awards and
17
pollution control measures and equipment in new facilities aswell as certain upgrades to our existing facilities
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Section 4Growth Strategies
C lid t L d hi P iti th h C it
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Consolidate Leadership Position through CapacityExpansion and Modernization
Ongoing modernization and expansion at key facilities
Initiated a modernisation and expansion plans, over lastfour years, in order to maintain leadership position in theIndian steel market
Board approved investment of approximately Rs. 701,690 mof which Rs. 220,890m incurred as of Dec 31, 2010 3.41
6.56
4.185.0
6.0
7.0
Key objectives of the plan include:
Expansion of saleable steel capacity to 20.23MTPA
Expansion of hot metal capacity to 23.46MTPA
Modernise facilities by achieving entire production of 3.153.780.53
2.32
0.40
1.84
2.12
..
2.39
2.0
3.0
4.0
MTPA
steel through Basic Oxygen Furnaces (BOF) and
approximately 96% by continuous casting Establishing up to ten steel processing units to increase
production of finished steel
1.59 1.67
0.55 0.10 0.18 0.18
0.12 0.16 0.250.220.34 0.43
0.0
.
Bhilai Durgapur Rourkela Bokaro IISCO Visvesaraya Salem Alloy Steels
Current Under expansion
Annual production capacity of mines expected to increase
suppor e y eve opmen o m nes o mee a ona raw ma er a requ remen s
10.0 10.0
14.0
12.0
16.0
4MTPA pellet plant planned at Gua mines
Plans to develop new mines at Rowghat and Taldih andexpand production potential of Chiria
4.1 4.3 4.3
2.4
6.55.5
4.3
7.0
4.0
8.0MTPA
19
0.0
Bolani Meghahatuburu Kiriburu Gua Taldih Chiria Rowghat
Current Post-expansion
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Increase Focus on Finished Steel
Focus on value added products
Plates20.6%
Semis10.9%
Pipes0.5%Value added
steel
37.0%
Value added
steel55.0%
Plates16.4%Rods / bars
23.3%
Pipes0.6%
HR coils /sheets
CR coils /
Coatedproducts
2.0%
Rods / bars16.7%
HR coils /sheets22.1%
CR coils /sheets
Coatedproducts
4.8%
28.2%
Railwaymaterials
7.3%
Structurals7.1%
6.7%
Other finishedsteel products
63.0%
Other finishedsteel products
45.0%
Railwaymaterials7.4%
Structurals15.0%
10.4%
Autograde CR Products, Galvanised Coils / Sheets Plates / Pi es to meet u to API 80 Grade s ecification
Key products to be added
Universal Beams / Heavy Beams in the sizes upto1100mm to support increasing infrastructural requirements
Rails for Metro-Railways
Increased production of Rails to meet the increasing requirements of Indian Railways
Quantum um in Rounds and Structural roduction leadin to elimination of entire semi-finished steel
20
Wider Plates in the size of 4,300mm
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Continuous Improvement in Operating Efficiencies
Reduction in energy consumption Gradual reduction in coke rate
7.16
6.95
6.9
7.0
7.1
7.2
rgy
consumption
al/
TCS)
541
533
521525
530
535
540
545
rate
(kg/thm)
. 6.72
6.5
6.6
6.7
.
FY07 FY08 FY09 FY10
Specificen(G
517
505
510
515
520
FY07 FY08 FY09 FY10
Coke
Improvement in manpower productivity Focus on raising continuous casting and Basic Oxygen
226
160
180
200
220
240
steel/man/year Furnaces (BOF) steel making
Likely to require less energy
Permits more automated process and greater flexibility
Improved yield from crude to saleable steel
98
134
80
100
120
140
Tonnesofcrude
Implementing new technologies to use Indian coal in plants
Installing coal dust injection systems at Rourkela and
Bokaro to use non-coking coal in furnaces
21
FY01 FY05 FY10
productivity through retraining and rationalization
Augment Raw Material Base and Improve Quality of
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Augment Raw Material Base and Improve Quality ofInputs
Iron ore
Aim to expand annual production capacity of iron ore mines by 10 12 MTPA
Plan to develop new mines at Rowghat and Taldih and expand production of Chiria mines
New 4MTPA pellet plant planned to enable use of Iron Ore fines
Developing new coking coal mines at Tasra and Sitanala in Jharkhand
-
Coking coal
, . .
Exploring new alliances / linkages and acquisitions for thermal and coking coal mines
International Coal Ventures Pvt Ltd - JV with CIL, RINL, NMDC and NTPC set-up to acquire coal assets globally
Exploring technologies which do not require coking coal / require less coal in steel manufacturing
JV with Tata Steel Limited to acquire and develop coal blocks and mines in India
Limestone & Entered into long-term agreements with dolomite and limestone producers to meet remaining requirements
o om te MoU to jointly develop limestone mine in Himachal Pradesh with expected capacity of 3MTPA
Increasing captive power generation, through JVs with NTPC and DVC, to ensure dependable supply of power andsubstantial reduction in energy costs
Entered into a MoU with Larsen & Toubro to develop and implement captive or independent power plants to meetfuture power requirements from FY2012 to FY2020
Others
Installation of coal dust injection systems at Rourkela and Bokaro to allow use of non-coking coal in furnaces
Ex lorin technical and economic feasibilit of em lo in ITmk3 furnace technolo to reduce in ut of cokin coal
22
Setting-up of captive pellet plant
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Strategic Alliances to Further Support Growth Initiatives
Area of focus Key Strategic Alliances / Partnerships Key Objectives
MoU with Posco to explore utilizing FINEX technology and manufactureTechnologicalTechnologicalupgradationupgradation
and commercialization of CRNO steel
MoU with Kobe Steel to explore employment of ITmk3 single stepfurnace technology at ISPs
International Coal Ventures Ltd set up as JV with CIL, RINL, NMDC and
NTPC to acquire coal assets globally
Raw MaterialsRaw Materials
JV with MOIL to produce ferro-manganese and silico-manganese tolower cost of steel production
MoU with NMDC to jointly develop limestone mine in Himachal Pradeshwith expected capacity of 3MTPA
S&T Mining JV with Tata Steel for acquisition and developmentof coal blocks/mines
EnergyEnergy
JVs with NTPC and DVC for power plants for captive consumption MoU with L&T to develop and implement captive or independent power
plants to meet future power requirements
26% stake in Bokaro Jaypee Cement Ltd which is constructing a
CementCement. cemen p an a o aro
26% stake in Bhilai Jaypee Cement Ltd which is constructing a 2.2MTPAcement plant at Bhilai
ShippingShipping JV with Shipping Corporation of India for shipping of imported cokingcoal
WagonWagonManufacturingManufacturing
JV for manufacture of specialized wagons
-- JV with Tata Steel to promote e-commerce activities in steel and
23
related areas
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Section 5Robust Financial Performance
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Financial Performance
Net sales EBITDA
9,5388,954
8,000
10,000
12,000
)
2,457
2,692
30.1% 25%
30%
35%
2,500
3,000
4,171 4,333
0
2,000
4,000
6,000
(US$
1,149949
25.8%.
.
21.9%
5%
10%
15%
20%
500
1,000
1,500
,
(US$m)
Net income ROE(1) and ROCE(2)
FY09 FY10 1H FY10 1H FY11FY09 FY10 1H FY10 1H FY11
EBITDA % Margin
22.0%
20.3%
24.0%23.3%
20.0%
25.0%1,378
,
661
14.5%
16.9%
15.8%
11.5%12%
16%
20%
800
1,000
1,200
1,400
1,600
US$m
)
15.0%
FY09 FY10
0%
4%
0
200
400
FY09 FY10 1H FY10 1H FY11
25
(1) Calculated as net income/Networth(2) Calculated as profit before tax/(Net fixed assets (excluding CWIP) + working capital)
Net income % Margin
Note: US$ INR of 45.31 as on January 6, 2011Note: H1FY10 and H1FY11 numbers are standalone
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Financial Performance (continued)
Sound leverage position
Net debt
1 000
(500)
0
)
Debt/Equity Debt/EBITDA
0.31x
0.52x
0.40x
0.50x
0.60x 1.45x
1.20x
1.60x
(2,175)
(1,128)
(2,500)
(2,000)
(1,500)
FY09 FY10
(US$
0.00x
0.10x
0.20x
0.30x
FY09 FY10
.
0.00x
0.40x
0.80x
FY09 FY10
Cash flow from operations
Strong cashflow generation
Working capital(1) Cash balance(2)
1,364
1,125
800
1,200
1,600
S$m
)
5,9606,428
4,000
5,000
6,000
7,000
S$m
)
4,093
5,021
3,000
4,000
5,000
6,000
S$m
)
0
400
FY09 FY10
(
0
1,000
2,000
,
FY09 FY10
(
0
1,000
2,000
FY09 FY10
(
26
. ,
(1) Calculated as current assets Net current liabilities Net provisions (Short term)(2) Calculated as Cash & Bank balances + marketable investment in shares
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Section 6Summary
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Key Strengths
Lar est steel roducer in
1
high growth marketsof India
Experiencedmanagement
supported by strong
Strategically
located fully
27
operations
36
Robustfinancialposition
Diversifiedproduct mix
supported by
45
and distribution
network
ngo ngmodernization and
expansion plan
28
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Appendix
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Details of Operations
Saleable steel roduction
Plant LocationNameplate Capacity
(in MTPA)FY2010(in MT)
FY2009(in MT) Primary Products
Integrated Steel Plants
Bhilai Steel Plant (BSP) Bhilai, Chhattisgarh 3.15 4.37 4.49 a es, ra s ong ra s; eavy s ruc ura eams; c annes, ang es , crane
rails, merchant products (angles, channels, rounds and TMT bars), wirerods (TMT, plain and ribbed); semis
Durgapur Steel Plant (DSP) Durgapur, West Bengal 1.59 1.88 1.79 Railway wheels & axles; TMT bars and rounds, skelp; medium structural
(beams; channels, angles), semis
Plates, HR coils/plates; CR coils/sheets; GP/GC sheets; ERW/SW pipes,, . . .
CRNO electrical steel, tin plates, special plates for defence
Bokaro Steel Plant (BSPL) Bokaro, Jharkhand 3.78 3.46 3.38 HR coils/sheets/plates; CR coils/sheets; GP sheets/coils and GC sheets;TMBP, slabs
IISCO Steel Plant (ISP) Burnpur, West Bengal 0.55 0.41 0.40 Heavy/medium/light structural (beams, channels, angles),bulb bars
(defence), special sections (Z-bar, Z-piling, MS Arch), heavy & light rails,rounds/bars
Sub Total 10.74 12.13 12.05
Special Steel Plants
Alloy Steels Plant (ASP) Durgapur, West Bengal 0.18 0.18 0.17 Alloy steel blooms, bars, plates, forged products, stainless steel slabs and
armour grade slabs (for special plates for defence)
Salem Steel Plant (SSP) Salem, Tamil Nadu 0.18 0.23 0.18 HR & CR stainless steel products, HR carbon steel products, coin blanks
Visvesvaraya Iron & SteelPlant (VISP)
Bhadravati, Karnataka 0.10 0.10 0.09 Bars, rounds, billets, blooms, and forged alloy & special steel products
Sub Total 0.46 0.50 0.44
Total 11.20 12.63 12.49
30
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Financial Performance
111,307121,978
27.5%
40%125,000
Net sales EBITDA
432,187405,726
400,000
500,000
52,04642,992
30.1%
25.8%
21.9%
0%
10%
20%
0
25,000
50,000
75,000
,
(INRm)
188,990 196,323
0
100,000
200,000
300,000
(INRm)
FY09 FY10 1H FY10 1H FY11
EBITDA % Margin
Net income ROE(1) and ROCE(2)
FY09 FY10 1H FY10 1H FY11
62,45368,461
29,939
14.5%
16.9%
15.8%
11.5%12%
16%
20%
40,000
50,000
60,000
70,000
80,000
(INRm
)
22.0%
20.3%
24.0%23.3%
20.0%
25.0%
,
0%
4%
0
10,000
20,000
,
FY09 FY10 1H FY10 1H FY11
15.0%
FY09 FY10
31
Net income % Margin
(1) Calculated as net income/Networth(2) Calculated as Profit before tax/(net fixed assets (excluding CWIP) + working capital)Note: H1FY10 and H1FY11 numbers are standalone
7/29/2019 SAIL Corporate PPT
33/33
Financial Performance (continued)
Sound leverage position
Net debt
(40,000)
(20,000)
0
)
Debt/Equity Debt/EBITDA
0.31x
0.52x
0.40x
0.50x
0.60x
1.45x1.50x
2.00x
(98,564)
(51,128)
(120,000)
(100,000)
(80,000)
(60,000)
FY09 FY10
(INR
0.00x
0.10x
0.20x
0.30x
FY09 FY10
0.78x
0.00x
0.50x
1.00x
FY09 FY10
Cash flow from operations
Strong cashflow generation
Working capital(1) Cash balance(2)
61,815
50,972
40,000
50,000
60,000
70,000
INRm
)
270,070 291,256
200,000
300,000
NRm
)
185,469
227,506
150,000
200,000
250,000
NRm
)
0
10,000
20,000
,
FY09 FY10
(
0
100,000
FY09 FY10
(I
0
50,000
,
FY09 FY10
(I
32
(1) Calculated as current assets Net current liabilities Net provisions (Short term)(2) Calculated as Cash & Bank balances + marketable investment in shares
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