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[Ferro-Alloys.com]Ferrochrome producer Indian Metals and Ferro Alloys Ltd (IMFA) has made a loss of Rs 3.74 crore in October-December period, against Rs 11 crore profit made in the previous comparable period due to its chromite mines closure.

 

In the nine month period ending in December 2014, the company too performed badly, with a net loss of Rs 1.17 crore, compared with Rs 35.17 crore profit made in the year ago period, according to its filing on the Bombay Stock Exchange (BSE).

  

"Lower production of ferrochrome during the previous quarter on account of closure of Sukinda chromite mines from April to September 2014 had a severe impact besides, of course, the challenging environment in general for the industry," said Subhrakant Panda, chief executive officer of the company in a statement.

 

The firm's captive chromite mine had to shut operation due to clearance issues and finally got permissions to restart excavation from October. The company has since then switched on all the furnaces for maximum output and achieved highest ever monthly output in December 2014, it said. Apart from domestic scenario, global ferrochrome market has been dull due to weak demand from major stainless steel producers in China. Most of the stainless steel makers are demanding prices of ferrochrome at last year level.