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Steel Authority of India reported a nearly 3% fall in fourth-quarter profit on Monday, hurt by softer steel prices and higher costs.
The state-owned firm’s consolidated net profit for the quarter ended March 31 declined to ₹1,126 crore ($135.22 million) from ₹1,159 crore a year earlier.
Input costs rose about 2% to ₹15,130 crore.
Earnings of steelmakers in India have been under pressure due to higher imports from China that is selling finished steel products at cheaper prices, at a time when it’s grappling with a struggling property sector and elevated U.S. tariffs.
A surge in costs of key steelmaking ingredients such as coking coal and iron ore in the quarter further hurt the metal makers.
Last week, India’s JSW Steel also reported a fall in fourth-quarter profit.
JSW Steel and Tata Steel are looking to invest billions to ramp up capacity to meet rising steel demand in India as higher government spending ahead of the ongoing national elections boosts manufacturing and construction activity.
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Published: 20 May 2024, 09:02 PM IST
