Steel Authority of India Limited has announced a significant change in its Board composition, with Dr. Ashok Kumar Panda assuming charge as Chairman & Managing Director (CMD) effective 9th May, 2026. The appointment follows an order issued by the Government of India on 8th May, 2026. The company has affirmed that Dr. Panda is not debarred from holding the office of CMD by virtue of any SEBI order or any other such authority.

Leadership Transition at SAIL

Prior to his elevation as CMD, Dr. Panda served as Director (Finance) at Steel Authority of India Limited, where he took measures for improving operational efficiencies through technical interventions and boosting production with product basket enrichment. He also held the charge of Director (Commercial) for a brief period of about 9 months, during which he focused on aligning operations with marketing and finance towards improving sales and reducing inventory, with emphasis on branding and advertising. Dr. Panda additionally serves as a Nominee Director on the board of ICVL, a joint venture of SAIL, and has previously served as Nominee Director in other CPSEs.

The key details of the leadership appointment are summarised below:

Profile and Professional Background

Dr. Ashok Kumar Panda is described as a technocrat-cum-finance expert with deep technical knowledge and domain expertise. He joined SAIL as a Management Trainee (Technical) in 1992 after completing his B.E. in Electrical Engineering. He subsequently completed a Full-Time PGDM and later acquired a Ph.D. in Business Management. His professional journey spans more than three decades across various plants and units of SAIL, covering a wide range of disciplines and hierarchical levels.

His areas of contribution include:

• Strategic planning and policy making
• Production and project appraisal and execution
• Marketing and sales
• Procurement
• EBITDA improvement
• Cost and budget management
• Treasury management
• Taxation

Leadership Qualities and Organisational Vision

Dr. Panda has been recognised for his exemplary leadership skills and his ability to bring about cultural change across the various roles and levels he has worked in, contributing to significant performance growth. He is noted for demonstrating composure and clarity of thought in challenging and high-pressure situations, along with strong analytical skills, a proactive approach, and an inclination towards innovative solutions.

As CMD, Dr. Panda has envisioned strengthening SAIL's position among the top steel producing companies. His stated focus areas include value creation for stakeholders through expansion of capacities, higher volumes, better operational efficiencies, raw material security, workplace safety, cost control, and improved financial performance.

Steel Authority of India Limited (SAIL) has announced significant changes to its board composition following the completion of tenure for three Non-Official Independent Directors. The company informed both BSE and NSE about these developments under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Board Composition Changes

The three directors who have ceased to be board members are:

Tenure Details

All three directors were appointed for a specific one-year period. Dr. Gopal Singh Bhati was re-appointed to the board, indicating his previous service, while Dr. Anju Bajpai and Shri Manjeet Kumar Razdan were appointed as new Non-Official Independent Directors.

Regulatory Compliance

The announcement was made in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, specifically under Regulation 30. The communication was sent to both major stock exchanges - BSE through BSE Listing Centre and NSE through NEAPS platform.

The notification was signed by M.B. Balakrishnan, Executive Director (Finance & Accounts) & Company Secretary of SAIL, ensuring proper corporate governance protocols were followed in communicating these board changes to stakeholders and regulatory authorities.