India's largest domestic steel maker SAIL today reported a standalone net loss of Rs 1,230.93 crore for the quarter ended March 30, 2016 hit by challenging market conditions and decline is sales realisation.
The 0.5% growth in Chinese production in April, on top of a 2.9% growth in March, could have an immediate impact on Indian steel producers in case the higher output, lacking domestic demand, goes to the export market
The move is considered to be a big one for ArcelorMittal, which is trying to enter India after failing for a decade to set up plants at Odisha and Jharkhand. Its work on the USD 6.5 billion Karnataka plant is yet to take off.
Set to report a net loss for the first time in 13 years for FY16, state-run Steel Authority of India will cut its capex for the current year to a nine-year low of Rs 4,000 crore and may need to borrow even for this reduced in
On a drive to cut operational costs amid adverse market conditions, Steel Authority of India (SAIL) has decided to reduce bonus payments to its over 70,000 non-executive employees by almost half this fiscal.