Jindal Steel beats Q2 profit estimates on lower costs

Jindal Steel and Power reported a second-quarter net profit of 13.90 billion rupees ($167 million), surpassing analysts' expectations of 10.99 billion rupees. "(The) strong performance was driven by a sharp reduction in costs, which offset seasonally weak pricing environment during the quarter", the New Delhi-based company said in a statement. The company's costs fell 13%, helped by a drop in costs of iron ore and metallurgical coal, the two main raw materials used in making steel.