Government-owned Steel Authority of India (SAIL) on Tuesday, revealed its plans to recruit about 600 professionals by current fiscal.      The company currently employs a little under 1,21,000 people.

According to a company official, who did not want to be identified, the freshers would be roped in as management trainees (technical and administrative), and will handle the extended operations of the company in near future.

Reports suggest that the company on an average pays its employees an annual package of Rs 5 lakh.

Apart from the latest development, the firm is eying a saving of about Rs 350 crore per year through reduction in its employee strength.

Last year, nearly 7,500 employees left SAIL by way of superannuation and voluntary retirement. This year, the steel giant expects a similar number of people leaving the firm.

Presently, the company is in the process of expanding its production capacity to 26.3 million tonnes by 2010-11. The company intends to spend in excess of Rs 78,000 crore. IIFL, a leading research firm, has downgraded its rating on SAIL to sell with a 12-month target price of Rs 117 in its report, which published on dated May 29, 2009. The scrip of the company closed today at Rs 182, up 4% compared to previous close of Rs 175.