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Essar Steel Algoma, the Canadian subsidiary of the Ruias-owned Essar Steel, today reported C$52.9 million (Rs 288.52 crore) profit after tax for the second quarter on higher sales and selling price.
The company, which has a four million tonne per annum steel-making capacity based in Sault Ste, Ontario, had reported a loss of C$110 million in the corresponding period last fiscal, Essar Steel said in a statement.
“Step changes in both productivity and conversion costs combined with improving macroeconomic indicators are positively reflected in our second quarter results,” said Essar Steel Algoma’s Chief Executive Officer Kalyan Ghosh.
Revenues of the company grew 23 per cent to C$572.8 million compared with CAD 464.4 million in the same period last year. Sales improved 6 per cent to 6.8 lakh tonnes from 6.4 lakh tonnes.
EBITDA has grown to C$85.2 million in Q2 FY15 against C$0.3 million in the same period last year.
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