Live Markets »News & Advice»Company News»Company News Details
Company News Details

Essar Steel Algoma net profit at Rs 207 cr in FY12

Press Trust of India/New Delhi 12 Jun 12 | 02:46 PM

Essar Steel Algoma, the Canadian subsidiary of the Ruias-promoted steel maker, today reported CAD 38.1 million (Rs 207 crore) net profit for the year ended March 31 on higher volumes and prices.

"The improvement (in net income) over fiscal year 2011 is primarily attributable to increased volumes, higher selling prices, a favourable product mix, and lower costs," the company said in a statement.

Related Stories

    No Related Stories Found
Widgets Magazine

In 2010-11, Essar Steel Algoma had reported CAD 285.9 million loss due to higher raw material costs.

"Our strengthening product mix and enhanced operating reliability enabled us to perform favourably within the improved market environment this year," Essar Steel Algoma Chief Executive Officer Jim Hrusovsky said in the statement.

Total sales of the company during 2011-12 were CAD 2,159.8 million, as against CAD 1,768.3 million in the previous fiscal.

The company sold 2.6 million tonnes of steel in 2011-12, up 8.9% over the previous year.

It, however, reported Rs 97.9 crore loss in the fourth quarter of 2011-12.

Essar Steel Algoma is a fully integrated steel producer based in Ontario and has a production capacity of four million tonnes per annum.

Widgets Magazine


Company Price Gain (%)
O N G C175.354.59
Tata Steel567.203.43
Yes Bank339.452.71
Adani Ports379.902.34
IndusInd Bank1,914.752.33


Currently No Poll Available.

Online Portfolio

You can create Online Portfolio here using the below button.

Widgets Magazine