SAIL expands footprint to Middle East with new office in Dubai

New Delhi, July 4 Steel Authority of India Limited (SAIL) has inaugurated its first representative office for the Middle East in Dubai, marking a significant step in the public sector steel giant’s global expansion strategy. The office was inaugurated by Union Minister of Steel and Heavy Industries H.D. Kumaraswamy, in the presence of the Consul General of India to Dubai, Satish Kumar Sivan, SAIL chairman and managing director Amarendu Prakash and senior officials. Positioned as a strategic hub, the Dubai office will help SAIL boost steel exports, deepen industry linkages, and reinforce India-UAE trade ties. Dubai’s role as a gateway to the Middle East and North Africa (MENA) region and its investor-friendly environment make it an ideal base for expanding into emerging markets. “The move aligns with India’s vision of enhancing the global presence of its steel industry and achieving the national steel production target of 300 million tonnes by 2030. It marks a significant milestone in SAIL’s evolution into a globally competitive steelmaker and reflects India’s growing profile in the international steel market,” according to an official statement. SAIL has recorded a strong financial performance with a standalone net profit of Rs 1,178 crore for the January-March quarter of 2024-25, which represents a 16.5 per cent increase over the corresponding figure of Rs 1,011 crore for the same quarter of the previous year. The Company has proposed a final dividend of Rs. 1.60 per share (face value Rs. 10 per share) subject to the approval of Shareholders at the ensuing AGM. SAIL’s revenue from operations increased to Rs 29,316 crore during the fourth quarter of 2024-25, which represents a 4.9 per cent increase over the corresponding figure of Rs 27,958 crore during the same quarter of the previous year. The steel behemoth’s volume shot up to 5.33 million tonnes during the quarter compared to 4.56 million tonnes in the same period of the previous financial year. –IANS