Govt approves strategic disinvestment of Salem Steel Plant

Government has in-principle approved strategic disinvestment of loss-making subsidiary of Indias largest steelmaker SAIL, Salem Steel Plant (SSP). 
●    SSP, a special steel unit of state-run SAIL, pioneered the supply of wider width stainless steel sheets and coils in the country. 
●    SSP is a loss-making unit of Maharatna firm SAIL. 
●    It has been consistently making losses for the last 5 years despite investment of around Rs 2,200 crore by SAIL under the modernisation and expansion project of SSP.
●    The Salem plant can produce austenitic, ferritic, martensitic and low-nickel stainless steel in the form of coils and sheets with an installed capacity of 70,000 tonnes per annum in cold rolling mill as well as 3.64 lakh tonnes a year in hot rolling mill.
●    Its steel melting shop can produce 1,80,000 tonnes of slabs per annum. 
●    Besides, the plant has the countrys first top-of-the-line stainless steel blanking facility with a capacity of 3,600 tonnes per year of coin blanks and utility blanks/circles.