The company has recorded a five per cent growth in finished steel production during the year amounting to 9.28 million tonnes, while domestic sales increased eight per cent at 10.3 million tonnes. The increase in domestic sales was on the back of lower export figures of 4-lakh tonnes against 11-lakh tonnes in 2003-04, the release added.

The company faced serious coal shortage during the years following which the company focused on optimising production of value-added products through the continuous casting (CC) route. During the year the company further consolidated its financial strength by reducing its borrowings by Rs2,800 crore, leading to interest charges coming down by Rs300 crore annually. Labour productivity too improved by four per cent during the year to the level of 142 tonnes per man per year, the release added.