At least for the state-run Steel Authority of India Limited (SAIL), there is no recession. The company owns and operates massive steel plants in Rourkela, Bhilai, Bokaro and Durgapur (most of which were built with Soviet and German collaboration, since the U.S. did not know HOW to collaborate with a government back in the 1950/60s). Sales at SAIL were up 20% according to their latest financial release.
Since steel is used so widely, its sales are a good proxy for the health of an economy and for its continuing investment in capital infrastructure (bridges, buildings, cars, factories, machines). It will be interesting to compare numbers for Tata Steel’s India operation and Essar and others . But SAIL’s numbers should give pause to any India watcher.
On the back of good numbers SAIL is considering an additional public offering to finance part of a $17 billion expansion
Last updated: December 26th, 2025
