Steel Authority’s 34% Profit Decline Misses Estimates

Bloomberg.com reports that Steel Authority saw a drop in Q2 profit, which was worse than they had anticipated.

The story is quoted as saying:

The decline in profit “is due to coal prices,” Chairman C.S. Verma told reporters in New Delhi today. “Coking coal prices in the second quarter moved up quite a lot. With the Commonwealth Games over and the monsoons behind us, I expect a pickup in construction activity.”

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