SAIL pays Rs 673 cr to govt as interim dividend

Steel Authority of India (SAIL) has paid Rs 673.49 crore as interim dividend to the Government for 2007-2008, it said in a statement.

The company had announced in January an interim dividend for its shareholders at the rate of 19 percent of paid-up equity, amounting to Rs 784.78 crore.

SAIL would also pay a dividend tax of Rs 133.37 crore for the interim dividend payout to the Government.

The company has been able to improve its profitability and consequently pay higher interim dividend for the financial year mainly due to improvement in product-mix, substantial increase in production of special grade stell and value added items, cost reduction and higher net sales realisation.
During April-December 2007, the company produced 9.6 million tonnes of saleable steel, the statement said.