Thailand's Sahaviriya Steel posts net loss of $530m y-o-y in 2012

Sahaviriya Steel Industries, Thailand’s biggest steelmaker, made a net loss of 15.9 billion baht ($530 million) last year, after re-launching its UK slab plant ahead of a major slump in global steel prices.

The net loss was more than sixteen times the loss of 981 million baht incurred by the company in 2011. "2012 was a very difficult year for the global steel industry, mainly due to global economic problems," Win Viriyaprapaikit, group ceo and president of SSI, said. "Mining and steel companies worldwide suffered en masse. It was unfortunate timing for our SSI Teesside plant start-up. We suffered big losses from pre-operation expenses, low production during ramp-up and declining steel price[s]," he said. Teesside Cast Products, purchased by SSI from Corus in March 2011, was restarted in April 2012, shipping most of...


Weilyn Loo

March 04, 2013

09:07 GMT