Indian state-owned steel producer Steel Authority of India Limited (SAIL) has announced its financial results for the second quarter of the financial year 2019-20 ended September 30.
Accordingly, in the second quarter, SAIL recorded a net loss of INR 3.42 billion ($47.63 million), compared to an unaudited standalone profit of INR 5.53 billion in the second quarter of the previous fiscal year. The company's EBITDA amounted to INR 13.22 billion ($184 million), down 47 percent year on year.
In the second quarter, SAIL’s finished steel production totaled 3.56 million mt, up one percent, while its crude steel production totaled 3.9 million mt, increasing by five percent, both year on year.
The company’s performance in the second quarter was affected by weak market sentiments, lower global consumption and the downward trend of prices. SAIL said that, due to the extended monsoon season and slack demand from key sectors including automotive, manufacturing and infrastructure, domestic steel demand declined.