BS reported that Indian e steel sector was hit badly due to slowdown in infra projects, high interest rates and falling CAPEX although domestic steel prices were stable due to fall in supply from Karnataka region.

As per report, the operating margins of all steel makers declined sharply by around 500 bps due to 320 bps rise in cost of raw materials compared to the year ago period.

For JSW Steel, the margin dip was sharper at around 700 bps, largely on account of inadequate iron ore and lower volume.

TATA Steel’s margins fell by over 500 bps led by weak prices in Europe and high cost of raw materials.

SAIL witnessed a 580 bps fall in margins led by high power, fuel and other operational costs.

(Sourced from BS)