BANGALORE, INDIA--February 11, 2009--Researched by Industrial Info Resources (Sugar Land, Texas)--The third quarter, which ended December 31, 2008, of the current 2008-09 fiscal year proved to be dismal for Indian steel manufacturers. Steel Authority of India Limited (BSE:500113) (SAIL) (New Delhi), India's largest steel manufacturer, reported a drop of 62% in operating profit year over year because of declines in steel prices, the high costs of raw materials since the firm is locked into long-term contracts with suppliers, and a high import bill caused by depreciation of the Indian rupee.
Other companies featured: Tata Steel Limited (BSE:500470), Ispat Industries Limited (BSE:500305), JSW Steel Limited (BSE:500228), Jindal Steel Limited (BSE:632286)
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