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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.

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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.

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