SSI announces Q3 profit

SSI announces Q3 profit

Thailand's hot rolled steelmaker Sahaviriya Steel Industries (SSI) has announced its net profit as Baht 862 million (approx. $21.6 million) for the third quarter of 2003. Also, net sales amounted to Baht 7.2 billion in the same period. In the third quarter, SSI produced 481'963 tons of hot rolled while steel scrap sales reached Baht 77.8 million. According to company officials, SSI will export about 10% of 2 million tons production to China and Southeast Asian markets. In addition, SSI will increase its annual hot rolled capacity to 4 million tons from its current level of 2.4 million tons. Furthermore, the company will construct a new oiling line with an annual capacity of 600'000 tons in 2005.