Bokaro Steel to cut Rs.225 crore in costsJune 7th, 2009 - 3:40 pm ICT by IANS
Ranchi, June 7 (IANS) Bokaro Steel Plant has planned to shave off up to Rs.225 crore in expenditure this fiscal on account of rising input costs and declining profits, according to a top company official.
“Profits came down as we had to bear an additional Rs.1,864 crore outgo because of rise in coal prices. It could have crossed Rs.3,000 crore if international prices had remained stable,” company managing director V.K. Srivastav told reporters in Bokaro Saturday.
The company imports 80 percent of its coal requirement.
Bokaro Steel’s posted a profit of Rs.1,293 crore in 2008-2009, which compared poorly with the Rs.2,800 crore earned in the previous financial year. “We now want to cut costs by Rs.225 crore,” Srivastav said.