Indian long steel facilities estimate a growth profit

Indian long steel facilities estimate a growth profit

Indian steel producer Steel Authority of India's (SAIL) long product facilities in Bhilai and Durgapur, and Vizag Steel Plant (VSP) are expecting to announce a combined record profit of Rupees 450 crore (approx. $97 million) in the first quarter of the current financial year. Bhilai anticipates to have a profit of over Rupees 200 crore while Durgapur is close to Rupees 50-60 crore. Furthermore, VSP estimates to increase its profit to Rupees 160 crore which is seven times higher than the Rupees 23 crore reported in the same period last year. Company authorites stated that these foreseen figures are attributed to strong demand in the local and foreign markets. In addition, Durgapur has gained Rupees 80 crore only from exports while Bhilai and VSP have Rupees 190 crore, Rupees 109 crore respectively from exports. Due to strong demand from China and West Asia, the volume of exports will be increased, according to steel analysts. As a result, these profit figures will effect the three plants production in the best way.