SAIL posts Q3 profit down by 43%
According to report, India’s largest state-run steelmaker, Steel authority of India Ltd (SAIL) reported that its Q3 profits decreased by 43% on higher costs and exchange loss. However, it sees a good improvement for the next quarter on strong demand from Asia.
The company sees the demand pickup will be strong on construction sector though it also faces the world steel production growth rate will be slow than previous year, according to the estimation from the World Steel Association.
Other Indian steelmakers, including Tata and JSW Steel, both posted quarterly loss in profits.
SAIL’s current annual production capacity is about 14 million.
News Date 14 Feb 2012 14:09:37 reported by Judy Lin