1. For the year under review (2000-2001), a richer product mix, marginally improved realisations, continuing control over costs and slightly higher volumes have contributed to the highest ever
profit before tax at Rs. 602.44 crores.

2. Compared to the previous year (1999-2000) the significant achievements are:-

• A 78% increase in profit before extraordinary items and tax at Rs. 888.28 crores compared to Rs. 499.10 crores in the previous year.
• A 31% increase in profit after tax at Rs. 553.44 crores after absorbing extraordinary expenditure of Rs. 285.84 crores (1999-2000: Rs. 22.51 crores) compared to Rs. 422.59 crores in the previous year.
• A 30% increase in earnings per share from Rs. 11.26 to Rs. 14.64.
• A 13% increase in turnover from Rs. 6890.87 crores to Rs. 7759.44 crores. The previous year’s turnover included Rs. 206.04 crores from the erstwhile Cement business which was divested in October 1999.
• A 6% increase in sales from 3.210 million tonnes to 3.401 million tonnes.

3. The fourth quarter of the year under review was the best ever quarter in terms of net profit (Rs. 209.01 crores compared to Rs. 186.23 crores of the previous year)

4. The Pickling Line and the Tandem Cold Rolling Mill, forming the main equipment of the Cold Rolling Mill Complex started operations in August 2000. The commercial sales from the Cold Rolling Mill Complex at Jamshedpur was 338,772 tonnes. The last unit in the complex, Continuous Galvanising Line – II (CGL-II) will be commencing operations on 2^nd June 2001. After this unit comes on stream, the present modernisation plans of the steel company could be considered as being largely   complete.

5. The Board has declared a dividend @ 50 % (Rs. 5 /- per share) for the year 2000-2001. (1999-2000: 40%).

6. The Annual General Meeting of the Company will be held on 19^th July 2001 to consider the accounts for the year 2000-2001.

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