India’s SAIL posts Q2 profit on strong domestic infrastructure demand, lower costs ...Middle East

BENGALURU, Nov 10 (Reuters) – Steel Authority of India Ltd. (SAIL) (SAIL.NS), the country’s largest state-owned steel producer, posted a second-quarter profit, compared with a year-ago loss, on Friday, helped by sturdy domestic demand and lower input costs. Net profit rose to 12.41 billion rupees ($148.97 million) in the quarter ended Sept. 30, from a loss of 3.86 billion rupees a year ago. Domestic demand for steel remained strong in the quarter, supported by sustained government spending on infrastructure projects, analysts tracking the New Delhi-headquartered company said. SAIL’s profit was further aided by lowering costs of iron ore and metallurgical coal, the two key raw materials use

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