The steel industries have undergone a technological revolution in the last four decades. In a comparatively short period of time, the steel industry has witnessed the almost complete disappearance of some old technologies and the widespread adoption of new, innovative, cost-effective, state-of-the-art technologies. These technological advances pose major challenges at every stage of implementation. A traditional step-by-step approach indicates a continuum of completed steps. The aim of this article is to understand and explore the role of financial management in the public sector financial sector with a special reference to the Steel Authority of India Limited. SAIL is the largest steel maker in India and one of the tenMaharatna of the country’s central public sector enterprises. The contribution of the study is that it will help professionals, scholars, students and general readers to understand the role and limitations of financial management in SAIL.

KEYWORDS: Financial Management, Cost Effective, Technological Revolution, TenMaharatna.