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Steel Authority of India opened a new tab and reported a nearly 3% drop in fourth-quarter profit on Monday, affected by lower steel prices and rising costs.
Consolidated net profit for the state-owned company fell to ₹11.26 billion from ₹11.59 billion in the same period last year. The quarter ended March 31. Input expenses climbed by 2% to ₹151.30 billion.
India's steel industry has been suffering from lower profits due to increased imports from China, which is offering completed steel products at a lower cost while also dealing with a faltering real estate market and increasing US tariffs.
A spike in the price of essential steelmaking components like iron ore and coking coal during the quarter further harmed the metal producers. Last week, India's JSW Steel also reported a fall in fourth-quarter profit.
JSW Steel opens a new tab, and Tata Steel opens a new tab, are looking to invest billions in ramping up capacity to meet rising steel demand in India. Higher government spending ahead of the ongoing national elections is boosting manufacturing and construction activity.
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