Kolkata, May 22, 2014: At the 2014 Platts Global Metals Awards, Chandra Shekhar Verma, chairman of Steel Authority of India Limited (SAIL), was adjudged ‘CEO of the Year’ for a comprehensive leadership style that has resulted in financial success of India’s largest steel-producing company.
The Platts Global Metals Awards, now in their second year, recognize exemplary performance in a dozen categories spanning the steel, metals and mining. The winners of this year’s awards excelled despite a continued climate of economic uncertainty, overcoming challenges such as oversupply, price volatility and increased competition.
Verma accepted his award last night at a black-dinner gala in London, attended by more than 200 industry executives. Other metals luminaries lauded last evening included Klaus Kleinfeld, chairman and CEO of Alcoa Inc., who tied with Verma for ‘CEO of the Year’ honors, and Gregory Ludkovsky, vice president, global research and development for ArcelorMittal, who won the ‘Lifetime Achievement Award.’
Verma became SAIL’s chairman in 2010 and has steered the company of more than 100,000 employees through a massive modernization and expansion program. As a result, SAIL has performed above industry average and is favourably positioned to respond to the growth in India’s steel demand, which is expected to increase 5.6% in 2014 according to the World Steel Association.
The judges lauded Verma for improving the company’s operational performance to 112% of saleable steel capacity utilization while also demonstrating a strong commitment to social responsibility and simultaneously chairing two other organizations.
“We congratulate the winners and finalists for their notable achievements and contributions to the industry during the past year,” said Larry Neal, president of Platt’s, a leading global energy, petrochemical and metals information provider. “Chandra Shekhar Verma and other winners have navigated a challenging financial environment, and their accomplishments are a clear indication that the metals sector is poised for growth in the coming years.”
Earlier in the year, four Indian companies along with Verma from SAIL were nominated for the 2014 Platts Global Metals Awards. Tata Steel and Jindal Steel and Power Limited were chosen finalists in the category of ‘Corporate Social Responsibility.’Power2SME another Indian firm was selected finalist in the ‘Rising Star’ category.
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