The Minister of State for Mines, Steel and Labour and Employment, Vishnu Deo Sai said that to enhance its global presence Steel Authority of India (SAIL) plans to export higher volumes of steel after commissioning of new facilities under modernization and expansion plan SAIL has fixed a higher export target of 0.6 million tons during 2014-15 which is about 71.43% higher as compared to 2013-14 MoU target of 0.35 million tons.

He further said that after completion of modernization and expansion, new products will help SAIL to tap the markets of emerging economies and enhance its presence in the international markets in South East Asia, Middle East and Africa.

SAIL plans to increase its market reach by exporting plates to new destinations like Latin American and East African countries and wire rods to South East-Asian markets besides neighbouring countries, he added.

Shares of the company declined Rs 0.7, or 0.8%, to settle at Rs 87.20. The total volume of shares traded was 355,152 at the BSE (Wednesday).