SAIL posts Q3 net loss of over Rs.1,500 crore

Sarkaritel
By Sarkaritel February 9, 2016 20:25

SAIL posts Q3 net loss of over Rs.1,500 crore


Mumbai, Feb 9 (IANS) Steel Authority of India (SAIL) on Tuesday reported a net loss of Rs.1,528.73 crore for the third quarter (Q3) of the current fiscal.

The company had earned a net profit of Rs.579.09 crore during the corresponding quarter of last fiscal.

The company’s total income during the quarter under review decreased by 21.06 percent to Rs.9,043.71 crore from Rs.11,457.54 crore for the quarter ended December 31, 2014.

Global Steel prices have registered a steep fall over the last year falling from around $460 to $280 mainly due to slowing Chinese consumption which is leading to oversupply of cheap steel into the market. Imports into India are at an annualized rate of 12 million tonnes, which is 20% up over a very high base of FY’ 15 when they had surged by 75% over the previous year. The domestic market continues to suffer from the rising imports particularly from China, Japan & Korea at prices which are much lower than the domestic cost of production, affecting the margins of steel producers operating in India.

Chairman, SAIL, Shri PK Singh said ‘the global scenario is very challenging and demand-supply imbalance resulting in price adjustments is hurting the domestic steel industry. We are focused on ramping up production from our new units and are adopting cost efficient strategies to improve our NSR. The recent favorable policies announced by government and its concerted efforts to enhance infrastructure spends in viable sectors will improve the domestic demand and provide some relief to the Indian steel industry.’

Sarkaritel
By Sarkaritel February 9, 2016 20:25

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