IFGL’s Q2 profit cut in half due to Redcar steel plant closure

By Liz Gyekye
Published: Monday, 09 November 2015

The Indian refractories producer lost a lucrative customer last month when SSI’s steel plant based in northern England closed down. This closure has caused a dent in IFGL’s fiscal 2016 Q2 profits.

India-based global refractories supplier IFGL Refractories Ltd has posted a 51% decrease in profit for the quarter ended 30 September 2015 to Indian rupee (INR) 68.20m ($1.02m*), from INR 138.10m ($2.08m) the previous year, due to its customer, Sahaviriya Steel Industries Plc (SSI), closing its Redcar plant, based in Teeside, UK....

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