Steel Authority of India Limited (SAIL) declared the results for the Second Quarter of the current Financial Year (Q2 FY’20). The Company posted a net loss of Rs 342.84 Crore in Q2 FY’20.
Considering the weak market sentiments and global consumption trends during the last few months, the overall margin of the steelmaker was affected, similar to other domestic steel producers.
Notwithstanding these, SAIL achieved its best-ever Q2 Hot Metal and Crude Steel production during Q2 FY’20. Anil Kumar Chaudhary, Chairman, SAIL said on the occasion, “The second quarter was affected by a lot of factors both domestic and global.
It is common knowledge that several steel-consuming sectors including auto, infrastructure, and manufacturing did not perform well in the said quarter. At the same time, the prices have also faced continuing downward pressure. This has reflected in the results”.