SAIL may return to profit next year: Steel Secretary

The steel ministry expects SAIL to show a profit next year on the back of continued improvement in the global commodity market.

The country's largest steelmaker has been posting losses since 2015-16, mainly on account of slowdown in the sector.

"This year, these two PSUs (SAIL and RINL) have reduced their losses. Next year, hopefully, they will be making into profits," Steel Secretary Aruna Sharma told PTI.

In 2015-16, SAIL had posted a loss of Rs 4,021, while in 2016-17 its loss was Rs 2,833 crore.

Steel Authority of India Ltd's (SAIL) standalone net loss had narrowed to Rs 539.06 crore for the quarter ended September 30, 2017.

Stating that five of the seven steel PSUs, including NMDC, MOIL and MSTC, are well established, the secretary said the vision of the PSU is absolutely clear and their action plans are very clear.

"So, they will be on their growth path as they are moving ahead with it. That is very very clear," the secretary said.