By IANS,
Kolkata : Visa Steel, a part of the Rs.5,000-crore Visa group that is engaged in minerals and metals, posted a net profit of Rs.12.14 crore for the quarter ended Dec 31, compared to a loss of Rs.24.75 crore in the same quarter a year ago.
“Our operational and financial performance during the third quarter of 2009-10 continues to maintain a healthy uptrend,” said managing director Vishal Agarwal.
“With forward integration of the steel melt shop and bar and wire rod mill and additional power generation, operating profit is expected to improve further.”
The company currently produces pig iron, low ash metallurgical coke, ferro chrome, sponge iron and power.
Visa Steel is setting up a 25 MW power plant, a steel melt shop and a rolling mill — each with an annual capacity of five lakh tonnes — in Orissa.
Additionally, it is setting up a ferro chrome plant with an annual capacity of 100,000 tonnes in Orissa in a joint venture with Baosteel Resources of China.