Essar Steel says profits firm

Essar Steel says profits firm

Essar Steel projected a total income of $327 million for the 2004 third quarter, which ended December 31, 2004. The company's figures mark a 53% rise in income over the previous year, which in turn translates into a net profit of $45 million for the third quarter of 2004. Essar Steel posted a loss of $5 million in the same quarter of the previous financial year. The total sale of steel for the quarter ended December 2004 stood at 524'000 mt. Domestic sales stood at 360'000 mt and shipment abroad reached 164'000 mt. Strong onshore and offshore demand, combined with steady raw material prices and freight rates, helped push up the company's profits.