IFGL profit hit by Chinese steel exports
Published: Monday, 10 August 2015
Chinese activity in the steel market is hurting the Indian firm’s refractories operations in the US and partly contributed to its fall in profit for Q1 of fiscal 2016. Yet, the company is optimistic about its long-term growth and maintains that it will benefit from India’s increased steel output and infrastructure spend.
India-based IFGL Refractories Ltd has reported a drop in net
profit by 17.4%, or Indian rupee (INR) 152m ($2.38m*), for the
quarter ended 30 June 2015, owing to a slowdown in its US
ceramics business, a lack of demand for steel in Europe and a
slight downturn in the value of the Indian...