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Steel price cuts to hit profitability: Jindal Steel

Reuters
Posted online: Thursday , May 08, 2008 at 1035 hrs IST

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New Delhi, May 8: Jindal Steel and Power Ltd sees profitability hit by a cut in steel prices, its managing director said on Thursday.

"But how much is a matter of calculation," Naveen Jindal said.

Leading Indian steel firms bowed to government pressure to cut prices on Wednesday, pledging 5 to 10 percent reductions.

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