Steel Authority Posts Quarterly Net Profit As Demand Recovers

(Bloomberg) -- Steel Authority of India Ltd. posted a profit in the quarter ended December as demand for use of the metal in infrastructure and construction projects recovered.

Net income in the three-month period was 12.83 billion rupees ($176 million), compared with a loss of 4.29 billion rupees a year earlier, according to a statement sent by the state-run steelmaker to Bombay Stock Exchange.

“There has been a countrywide turnaround in the overall economic activities after the short pause set in during the pandemic,” according to the statement. “In sectors like infrastructure, construction, manufacturing and automobiles, there has been a relatively rapid recovery.”

Total income climbed to 200.5 billion rupees in the period, from 167.3 billion rupees a year earlier, the company said.

• The company announced an interim dividend of 1 rupee per share.
• Hot metal production during the quarter was 4.8 million tons, up 12% from a year earlier.
• Crude steel output was 4.37 million tons, up 9%.
• Saleable steel production at 4.15 million tons, up 6%.
• Total sales including exports were 4.15 million tons, up 1%.

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