The company’s board has decided to close down the division headquarters in Kolkata and transfer control of its mines to Rourkela Steel Plant and Bokaro Steel Plant, depending on their location.
Steel Authority of India Limited (SAIL) may close its Raw Materials Division Headquarters at Kolkata at any time. This decision will be a big blow to the contractual employees associated with the unit. However, an official announcement is yet to be made in this matter. According to sources, the company’s board has decided to close down the division headquarters in Kolkata and transfer control of its mines to Rourkela Steel Plant (Odisha) and Bokaro Steel Plant (Jharkhand), depending on their location.
According to sources, SAIL mines located in Odisha will come under the administrative control of Rourkela Steel Plant while mines in Jharkhand will come under the jurisdiction of Bokaro Steel Plant. The move is expected to save the major steel company around Rs 40 crore annually.
employees at risk of losing their jobs
Sources said that the non-contractual employees at the division headquarters in Kolkata will be shifted to Rourkela and Bokaro. However, there may be a setback to the job of contract employees.
According to sources, a section of contractual employees had approached SAIL President Soma Mandal to reconsider the decision. Along with this, he had also demanded the intervention of West Bengal Chief Minister Mamata Banerjee.
31% increase in profit
SAIL has made a profit of Rs 3,469.88 crore during the quarter ended March 31, 2021. This is 31 percent more than last year. During this, the company’s total income increased to Rs 23,533.19 crore. The total income of SAIL in the same period a year ago was Rs 16,574.71 crore.
Shares up 85% in 4 months
SAIL shares have gained a lot in the last four months due to rising steel prices. The company’s stock has risen 85 percent during this period. The share price was Rs 73 on March 12, 2021, which reached a price of Rs 135 on June 11. On June 10, the stock had reached a new 52-week high of Rs 151.10.
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