Steel manufacturers rollback price hike
Mumbai, Mar 5 (UNI) Heeding the Government's advice to contain prices to keep inflation under check, Steel majors SAIL, Rashtriya Ispat Nigam Ltd, Essar Steel, Ispat Industries, JSW Steel and Tata Steel today agreed to cut prices of TMT bars, galvanised steel and HR coils.
The prices of HR coils have been reduced to Rs 27,000 per tonne from 27,500 per tonne. The increase in prices of TMT bars and galvanised steel would be rolled back entirely by about 100 per cent, a joint statement issued here today said.
Refuting
speculations
regarding
the
losses
that
the
companies
might
incur
after
the
move,
Chairman
of
SAIL,
Mr
S
K
Roongta
clarified,
''The
fourth-quarter
margins
will
not
be
impacted
due
to
this
rollback.''
UNI
WD
PM
AW1427
Story first published: Saturday, March 17, 2007, 11:00 [IST]