OREANDA-NEWS. May 22, 2012. The Union Minister for Steel, Shri Beni Prasad Verma presented an interim dividend cheque from SAIL to the Prime Minister of India, Dr. Manmohan Singh today. Secretary, Steel, GOI Mr. D.R.S. Chaudhary and Chairman, Steel Authority of India Limited (SAIL) Mr. C.S.Verma were present on the occasion. SAIL paid an interim dividend (2011-12) to Government of India amounting to Rs.425.36 crore. The total interim dividend paid by SAIL comes to Rs.495.65 crore, i.e. @ 12% of paid up equity capital, for the year 2011-12.  In addition to interim dividend, the Board of Directors of the company would also recommend Final Dividend for the year, while approving the financial results for the year 2011-12.

It is pertinent to note that since its inception, SAIL has made total dividend pay-outs of Rs.9,392 crore equivalent to 228% of its paid up capital. Out of this, payment to Government of India is Rs.8,092 crore, besides dividend tax of Rs.1,342 crore. SAIL's massive modernisation and expansion plan at an expenditure of about Rs 72,000 crore  is in an advanced stage of implementation.  This would increase hot metal capacity from the current 14.6mt/y to 23.4mt/y. Until recently, orders worth of around Rs 56,000 crore have already been placed and an expenditure of around Rs 35,000 crore has been made. A new, 180,000t/y stainless steel making facility at the Salem Steel Plant has already commenced operations.