Steel Minister Chaudhary Birendra Singh today directed state-run steel giant SAIL to adopt inventory management practices for better management of cash flow.
The Minister also advised the country’s largest steel maker to roll out initiatives to promote use of the metal as soon as possible saying that “time is of essence”.
“Directed SAIL to have inventory management practices for better cash flow management and think big, befitting its stature, instead of focusing on small things,” the Minister said in a tweet.
While modernising steel plants, SAIL should also modernise its townships and other facilities for its employees and their families, Singh added.
“All initiatives to promote use of steel must be rolled out in days, not months, as time is of essence in the fast changing business scenario,” the Minister told SAIL.
He also advised the Maharatna firm “to use design engineering and product engineering to promote steel consumption by proving its cost effectiveness and sustainability”.
“External market conditions are beyond our control, but we can improve efficiency of our systems and persons,” the Minister said, adding the he believes SAIL can leverage its R&D strengths and capabilities to the full and change the entire steel scenario in the country.
Singh, who was reviewing SAIL’s performance today, also advised the PSU to convert manpower cost to strength by making employees more efficient and purposeful.