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Tuesday, April 6, 2010

Steelmaker Bhushan Steel expects its revenue and profit to grow by 40 percent in financial year 2010/11 as new capacity gets operational this fiscal,

Steelmaker Bhushan Steel expects its revenue and profit to grow by 40 percent in financial year 2010/11 as new capacity gets operational this fiscal, a top official said.

The company also expects to increase its EBIDTA margin to 30-35 percent in 2010/11 from an estimated 23-24 percent in 2009/10, chief financial officer Nittin Johari told Reuters in an interview on Tuesday. "We have been buying HR (hot-rolled) coil, so whatever the profitability of HR coil was going to HR people (manufacturer). So when we start manufacturing our own product, (our) profitability will increase," he said.

The company, which has the capacity to produce 1.2 million tonnes of processed steel annually, last month commissioned a new facility with a capacity to produce 2.3 million tonnes of primary steel.

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