India steel authority reports result of produce and sale of steel product for four quarter of 2008-09 declines 37%. Decline of earnings of sale of steel product caused by decline request of Indian steel product.

Following report from India steel authority, SAIL :

“Lower realisations amid the global economic crisis and the subsequent fall in steel demand and prices hit our profit in Q4 of 2008-09. Things have improved but we still anticipate a challenging year ahead,” SAIL chairman S K Roongta told reporters here. SAIL’s total income fell to Rs 12,590.12 crore in the quarter ending March 31, 2009 from Rs 13,856.95 crore in the same quarter last year. SAIL’s board has recommended final dividend of 13% or Rs 1.30 per share for 2008-09.

As government is focusing on the infrastructure sector to revive the economy
, Roongta hoped that the steel sector would see 5% growth in sales. “The revival in steel demand began in fourth and trends in the current quarter are also encouraging. With a major boost to infrastructure building in the offing, we expect steel demand in the country to grow further in the current financial year,” Roongta said, adding that he expects steel prices to be stable, leading to better sales.

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