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This is an archive article published on June 12, 2012

Essar Steel Algoma net profit at Rs 207 cr

Essar Steel Algoma,Canadian arm of Ruias-led steel maker,reported CAD 38.1 mn net profit.

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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.

8220;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,8221; the company said in a statement.

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

8220;Our strengthening product mix and enhanced operating reliability enabled us to perform favourably within the improved market environment this year,8221; 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 per cent over the previous year.

It,however,reported CAD 18 million loss in the fourth quarter of 2011-12.

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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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