Essar Steel Algoma on Tuesday reported an operating profit of Rs 1,047.42 crore (194.9 million Canadian dollar) for the year ended March 31, 2015, helped by shipment volumes and higher prices.
The firm, part of the Ruias-controlled Essar Steel, had posted EBITDA (earnings before interest, taxes, depreciation, and amortisation) loss of Rs 319.53 crore (55.2 million Canadian dollar) in the year-ago period, it said in a statement.
The firm's revenue for the year rose 12 percent to Rs 10,663.42 crore (1.98 billion Canadian dollar), it added.
It follows April-March as fiscal year. "Results reflect the impact of shipment volumes of 2.39 million tonnes (MT) for the year and higher selling prices. Shipments for the quarter ended March 31, 2015 were up 10.7 percent at 5.70 lakh tonnes compared to the same three-month period ended March 31, 2014," the firm said.
During the fiscal, Essar Steel Algoma completed the comprehensive recapitalisation and refinancing valued at USD 1.4 billion, it added. "Operationally, the business achieved a reduction in conversion costs of 12 Canadian dollar per tonne year on year while maintaining shipment volumes despite an onslaught of imports and recovering demand," it said.
"Through the recently announced Modernisation and Expansion Programme, we expect to offer a much broader range of advanced steel grades over the next 36 months as we introduce the best available technology," Essar Steel Algoma CEO Kalyan Ghosh said.
Source: Money Control
- metaljunction »
- Metal News
Metal News & Events
METALJUNCTION PUBLICATIONS
Coal Insights (English) Monthly
Coal Insights is a ready reckoner for anyone associated with coal. This publication is aimed at tracking everything related to coal in India.
India Coal Market Watch(English) Monthly
ICMW is a one-stop source for all news, data and research pertaining to coal demand, consumption, stocks, spot- and long-term prices with respect to the Indian Market.
India Steel Market Watch (English) Monthly
ISMW is a brand new high-end steel market report, covering all aspects of the steel industry in India.
Steel Insights(English) Monthly
Steel Insights delves into various facets of the domestic and global steel industry such as market fundamentals, raw material price trends, price forecasts etc.