After remaining headless for over three months, state-run Steel Authority of India (SAIL) on Thursday got a new chairman in 57-year-old Prakash Kumar Singh .
The task of the new chairman would be daunting considering the current state of affairs of the industry and the company which has reported a net loss for the first two quarters of the current fiscal and is set to report a net loss after a gap of 13 years.
SAIL has incurred a net loss of R1,378 crore in H1, FY16 which includes a net loss of R1,056 crore during the second quarter.
The situation of the industry is unlikely to change in the immediate future in the face of galloping imports and subdued consumption. Though the government has tried to rein in inward shipment through various trade barriers, these are yet to beard desired results. From a management trainee appointed in 1980, P K Singh was chosen to become the chairman of the country’s largest steelmaker in the public sector by government head-hunter Public Enterprises Selection Board (PESB) recommended in September the name of Singh.
The post of permanent chairman in the company has been lying vacant since incumbent CS Verma was refused an extension by the government in June.