Steel Authority of India Limited has informed the Exchange about Investor Presentation
STEEL AUTHORITY OF INDIA LIMITED
RESULTS
PRESENTATION
FOR
Q3 and 9M FY’25
SNAPSHOT 9M FY’25
Iron Ore: 24.489 MT
Mining
Limestone: 0.988 MT
Production
Dolomite: 0.268 MT
Hot Metal: 14.977 MT
Crude Steel: 14.084 MT
Saleable Steel: 13.218 MT
Domestic Sales: 12.463 MT
Sales & Marketing
Exports: 0.074 MT
Financials
Total Sales: 12.537 MT
Turnover: Rs. 72595 crore
Revenue From Operations: Rs. 73162 crore
Net Worth: Rs. 54623 crore
EBITDA: Rs. 7983 crore
Profitability
PBT: Rs. 1445 crore
Ratios
PAT: Rs. 970 crore
EPS: 2.35
EBITDA Margin: 11
Debt Equity (IndAS): 0.72
Debt (IndAS): Rs. 39387 crore
Funds
DSCR: 3.14
Interest Coverage Ratio: 1.63
STEEL AUTHORITY OF INDIA LIMITED
Sustainable Operations
SUSTAINABLE OPERATIONS
Waste Management
Application of 4Rs (Reduce, Reuse, Recycle, Recover)
R&D Project for development of steel slag based cost effective eco-friendly fertilizers for sustainable agriculture and inclusive growth through ICAR-Indian Agricultural Research Institute.
Solid Liquid Resource Management (SLRM) Centre set up at BSP with a daily capacity of 50T for segregation of wastes, converting green waste into manure and turning plastic waste into useful by-products.
Eco-Restoration Projects
Restored 250 acres of old barren overburden dumps and water void in 200 acres of limestone mined out area in Purnapani for generation of ecosystem services and goods as well as sequester CO2.
MOU with Institute of Forest Productivity, Ranchi for eco-restoration of mined out area and waste dumps for Kiriburu and Meghahatuburu Iron Ore Mines.
Bio-diversity park named ‘Vasundhara’ created at Durgapur on 400 acres of land with development of flora and fauna of local species and water body.
DRIVE TOWARDS DECARBONISATION
Strategic approach to decarbonisation. Phase-wise implementation. Achievement of 20% reduction in carbon footprints during Phase –I. Target of 12% reduction in Phase – II to reach 2.19 t/tcs by 2030-31. SAIL has signed MoU with BHP for promoting lower carbon steelmaking technology pathways for the blast furnace route.
SAIL inked an MoU with John Cockerill which inter alia includes an aim to integrate green technologies into iron and steelmaking processes.
BSP signed MoU with SMS Group, Germany to promote decarbonisation technology in steel making (COG Injection in Blast Furnace).
RSP inked an MoU with Primetals Technologies GmbH, Austria to adopt green steel making technologies (Hydrogen Injection in Blast Furnace).
ISP awards contract to IIT Mumbai for setting up of CCUS of capacity 50 Tonnes per day.
Collaboration for putting Carbon Capture, Utilisation and Sequestration (CCUS) into active use.
DSP and ISP MoU with M/s Ram Charan Company Pvt Ltd (RCPL) for Value Added products from GHG Emissions.
RDCIS and IIT Kharagpur inked an MoA Ranchi to collaborate on development of an innovative Hydrogen based Direct Reduction Iron-making (DRI) unit.
SECURING FUTURE
Water Conservation
Committed to achievement of long term goal of “Zero Liquid Discharge”.
Actions being taken for treatment and recycling of effluent being discharged through the outfalls at the Plant boundary.
Energy Conservation
Commissioned 12.58 MW Solar Power Plants/Units at different locations. Further, Solar Plants at different location of combined capacity of 135 MW under implementation through NTPC-SAIL Power Company Limited (NSPCL).
10 MW Hydel Power Plant under implementation at Mandira Dam, RSP, under a Joint Venture initiative with Green Energy Development Corporation of Odisha Limited (GEDCOL)
Others
More than 22 million saplings have been planted.
BSP has taken up project for disposal of Poly Chlorinated Bi-Phenyls (PCBs) in an environment friendly manner in partnership with the MoEF&CC and UNIDO.
TOUCHING LIVES….
Key Activites
Basic and specialised healthcare to more than a million lives annually.
25%
Drinking Water facility to more than 50 lakh people.
7% 3%
2%
9%
11%
Total CSR spends since FY’15: ~Rs. 645 crore
7%
3%
7%
26%
Education Health care Livelihood Generation Women Empowerment Drinking Water & Sanitation Sports, Art & Culture Rural Development Social Security Environment Sustainability Others
More than 80 lakh people connected to mainstream by construction of roads
Quality education to almost 50000 students across more than 96 schools.
Special Schools providing support to needy students.
Mid-day meals to more than 60000 students through Akshay Patra Foundation.
Providing equipment like tricycle, motorized vehicles, callipers, hearing aids, artificial limbs, etc. to Divyangs
Running Eklavya Archery Academy and other sports academies for Hockey, Football, Athletics, etc. Athletes from SAIL academies have won medals at National and International Level.
Integrated Development Centre (IDC) at Digha Village in Saranda Forest with facilities like Bank, Telecom Office, Panchayat Office, Ration Shop, etc.
Development of 79 ‘Model Steel Villages’.
STEEL AUTHORITY OF INDIA LIMITED
Global Economic & Steel Scenario
WORLD ECONOMIC SCENARIO
6.6
6.0
5.2
Growth Rates ( in %)
4.8
4.5
3.8
3.6
2.4
2.2
3.7
2.8
1.7
4.1
3.5
2.6
4.4
4.2
4.2
4.3
3.3
3.2
3.3
3.3
1.7
1.7
1.9
1.8
World
Advanced Economies
Emerging & Developing Economies
-2.0
-3.1
-4.5
Recovery Post 1st Phase of COVID19
Fighting Inflation, Slowdown in Advanced Economies and Russia-Ukraine War, recovery has been gradual thereafter.
2017 (E)
2018 (E)
2019 (E)
2020 (E)
2021 (E)
2022 (E)
2023 (E)
2024 (E)
2025 (P)
2026 (P)
IMF, in the World Economic Outlook released during Jan’25, has retained the growth projections for 2025 as projected during World Economic Outlook of Oct’24. Further, the overall estimates for global economy in 2026 are similar to those of 2025. During this period, the projections for Advanced Economies has reduced by 0.1% over 2025 while the projection for Emerging & Developing Economies has improved by 0.1%. However, uncertainties remain high and could have different impact in different economies. World Bank has , however, projected a much lower figure of 2.7% for 2025 as well as 2026.
E= Estimates P= Projections
SOURCE: IMF
WORLD STEEL SCENARIO
Crude Steel Production (MT)
1739
1831
1880
1883
1963
1889
1898
1881
871
868
929
902
995
885
1065
819
1035
927
1018
871
1022
875
1005
876
2017
World
2018
China
2019
2020
2021
2022
2023
2024
RoW
Steel continued its march post 1st wave of covid with revival of economic activities and infra-spendings globally. However, CY 2022 registered decline over respective previous years due to factors like inflation, tightening monetary policies, slowdown in advanced economies, Russia-Ukraine War, etc. Production has increased by ~0.5% during CY’23 and has declined by ~0.9% during CY’24.
• Global production has declined by 0.9% during CY’24 over CPLY. • China continues to dominate the world crude steel production contributing almost 53.4% of overall global
production during CY’24. The production in China has, however, been at lower by 1.7% over CPLY.
• Among the major producers, India (6.3%), Germany (5.2%), Turkey (9.4%) and Brazil (5.3%) have registered
positive growth in production during CY’24 over CPLY.
• On the other hand, countries like Japan (3.4%), US (2.4%), Russia (7.0%) and South Korea (4.7%) have
registered negative growth in production during CY’24 over CPLY.
SOURCE: World Steel Association (WSA)
WORLD STEEL SCENARIO
Apparent Steel Consumption (MT)
1638
1714
1779
1788
1839
1783
1767
1751
1772
2017
2018
2019
2020
2021
2022
2023
2024(F)
2025(F)
WSA in its Short Range Outlook for Oct’24 has projected a positive growth in demand during 2025.
Short Range Outlook, Oct’24:
• Global steel demand is expected to decrease by 0.9% in 2024 (lower than 1.7% projected in Apr’24) and increase by
1.2% in 2025.
• Demand growth in China is expected to decline by 3% (lower than stagnant projected in Apr’24) in 2024 and by 1%
in 2025.
• Global demand excluding China is expected to grow 1.2% in 2024 (lower than 3.5% projected in Apr’24) and 3.3% in
2025 (lower than 3.5% projected in Apr’24).
• Amongst the major steel consuming nations, demand growth in 2024 is projected to be highest in India (8.0%) followed by Brazil (5.0%). During 2025 as well, demand growth in India (8.5%) is projected to be highest followed Germany (5.7%).
SOURCE: World Steel Association (WSA)
INTERNATIONAL PRICE TRENDS
400
350
300
250
200
150
100
800
750
700
650
600
550
500
450
400
Coal FOB Australia (USD/t)
HCC
PCI
3 2 ' r p A
'
3 2 y a M
'
3 2 n u J
3 2
' l
u J
'
3 2 g u A
'
3 2 p e S
3 2 ' t c O
'
3 2 v o N
3 2 ' c e D
'
4 2 n a J
'
4 2 b e F
4 2 ' r a M
4 2 ' r p A
'
4 2 y a M
'
4 2 n u J
4 2
' l
u J
'
4 2 g u A
4 2 ' t p e S
4 2 ' t c O
'
4 2 v o N
4 2 ' c e D
'
5 2 n a J
'
5 2 b e F
Hot Rolled (USD/t)
FOB Black Sea
FOB China
CFR Europe
3 2 ' r p A
'
3 2 y a M
'
3 2 n u J
3 2
' l
u J
'
3 2 g u A
3 2 ' t p e S
3 2 ' t c O
'
3 2 v o N
3 2 ' c e D
'
4 2 n a J
'
4 2 b e F
4 2 ' r a M
4 2 ' r p A
'
4 2 y a M
'
4 2 n u J
4 2
' l
u J
'
4 2 g u A
4 2 ' t p e S
4 2 ' t c O
'
4 2 v o N
4 2 ' c e D
'
5 2 n a J
'
5 2 b e F
160
150
140
130
120
110
100
90
80
800
750
700
650
600
550
500
3 2 ' r p A
'
3 2 y a M
'
3 2 n u J
3 2 ' r p A
'
3 2 y a M
'
3 2 n u J
Iron Ore CFR China (USD/t)
Lumps
Fines Australia Origin
Fines Brazil Origin
3 2
' l
u J
3 2
' l
u J
'
3 2 g u A
3 2 ' t p e S
3 2 ' t c O
'
3 2 v o N
3 2 ' c e D
'
4 2 n a J
'
4 2 b e F
4 2 ' r a M
4 2 ' r p A
'
4 2 y a M
'
4 2 n u J
4 2
' l
u J
'
4 2 g u A
4 2 ' t p e S
4 2 ' t c O
'
4 2 v o N
4 2 ' c e D
'
5 2 n a J
'
5 2 b e F
Cold Rolled (USD/t)
FOB Black Sea
FOB China
'
3 2 g u A
3 2 ' t p e S
3 2 ' t c O
'
3 2 v o N
3 2 ' c e D
'
4 2 n a J
'
4 2 b e F
4 2 ' r a M
4 2 ' r p A
'
4 2 y a M
'
4 2 n u J
4 2
' l
u J
'
4 2 g u A
4 2 ' t p e S
4 2 ' t c O
'
4 2 v o N
4 2 ' c e D
'
5 2 n a J
'
5 2 b e F
SOURCE: Big Mint
STEEL AUTHORITY OF INDIA LIMITED
Domestic Economic & Steel Scenario
INDIAN ECONOMIC SCENARIO
GDP Growth % at Constant (2011-12) Prices
SOURCE: MOSPI, GOI
6.8
6.5
3.9
9.7
8.2
7.0
6.4
2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25
(AE*)
Quarterly GDP
8.2
8.1
8.6
7.8
6.7
5.4
*AE: Advance Estimates
-5.8
Q1 FY24
Q2 FY24
Q3 FY24
Q4 FY24
Q1 FY25
Q2 FY25
COVID19 Pandemic saw the GDP of Indian economy slide into negative during FY’21 at -5.8%. The post COVID recovery was subsequently impacted by factors like inflation. Advance estimates for the FY’25 stand at 6.4% which is substantially lower than earlier projections. Despite projections for future years lying in the range of 6.5% - 6.7%, India is likely to remain amongst the fastest growing major economies. The projections from major financial agencies are as follows:
Source
Growth Projection
Remarks
WORLD BANK (Jan’25)
6.7% (FY26 & FY27)
Retained the projections of 6.7% for FY26. Projections for FY27 have also been made at the level of 6.7%.
IMF (Jan’25)
6.5% (CY25 & CY26)
RBI (Oct’24)
6.7% (FY26)
The estimates for CY25 at 6.5% have been retained. The projections for CY26 at the same level of CY25 i.e. 6.5%.
Earlier projections for Q1 FY’26 at 7.3% have now been reduced to 6.7%. The annual projections has also been made at 6.7%.
INDIAN ECONOMIC SCENARIO
250.0
200.0
150.0
100.0
50.0
0.0
IIP Growth % at Constant (2011-12) Prices
SOURCE: MOSPI, GOI
Primary Goods
Intermediate Goods
Capital Goods
Infrastructure Goods
The manufacturing activities had fallen to historic lows during lockdown due to COVID19 during Q1 FY’21. However, as economy recovered sharply on the back of financial stimulus by the Government and demand rising sharply across sectors post lockdown, the IIP also saw a steep climb. Thereafter, during Q1 FY’22 owing to second wave of COVID19, there was a marginal dip before the index started to rise again. During FY’25, the IIP has registered decline in all use-based areas over CPLY except consumer non-durables.
INDIAN STEEL SCENARIO
Crude Steel Production (mtpa)
97.9
103.1
110.9
109.1
103.5
120.0
127.2
144.0
124.9
FY'17
FY'18
FY'19
FY'20
FY'21
FY'22
FY'23
FY'24
36.5
36.2
39.3
Q3 FY'24 Q2 FY'25 Q3 FY'25
FY'25 (Upto Jan)
Finished Steel Consumption (mtpa)
88.7
90.7
98.7
100.2
94.9
119.9
105.8
136.3
124.8
FY'17
FY'18
FY'19
FY'20
FY'21
FY'22
FY'23
FY'24
36.0
37.2
38.8
Q3 FY'24 Q2 FY'25 Q3 FY'25
FY'25 (Upto Jan)
The Short Range Outlook published by WorldSteel Association during Oct’24, projected steel demand in India to increase by 8.5% in CY2025.
Source: JPC
DOMESTIC PRICE TREND
s d n a s u o h T
12
10
8
6
4
2
0
s d n a s u o h T
70
65
60
55
50
45
40
Fines/Lumps/Pellets
Lumps 63% Fe, Odisha Index Fines 63% Fe, Odisha Index Pellets 63% Fe, Exw-Raipur
'
3 2 g u A
3 2 ' t p e S
3 2 ' t c O
'
3 2 v o N
3 2 ' c e D
'
4 2 n a J
'
4 2 b e F
4 2 ' r a M
4 2 ' r p A
'
4 2 y a M
'
4 2 n u J
Flats
3 2 ' r p A
'
3 2 y a M
'
3 2 n u J
3 2
' l
u J
4 2
' l
u J
s d n a s u o h T
'
4 2 g u A
4 2 ' t p e S
4 2 ' t c O
'
4 2 v o N
4 2 ' c e D
'
5 2 n a J
'
5 2 b e F
s d n a s u o h T
HRC Ex-Delhi
CRC Ex-Delhi
3 2 ' r p A
'
3 2 y a M
'
3 2 n u J
3 2
' l
u J
'
3 2 g u A
3 2 ' t p e S
3 2 ' t c O
'
3 2 v o N
3 2 ' c e D
'
4 2 n a J
'
4 2 b e F
4 2 ' r a M
4 2 ' r p A
'
4 2 y a M
'
4 2 n u J
4 2
' l
u J
'
4 2 g u A
4 2 ' t p e S
4 2 ' t c O
'
4 2 v o N
4 2 ' c e D
'
5 2 n a J
'
5 2 b e F
50 48 46 44 42 40 38 36 34 32 30
70
65
60
55
50
45
40
Semis/Ingot
All figures in Rs. thousand/tonne
Billets Ex-Raipur
Ingot DAP-Mandi
3 2 ' r p A
'
3 2 y a M
'
3 2 n u J
3 2
' l
u J
'
3 2 g u A
3 2 ' t p e S
3 2 ' t c O
'
3 2 v o N
3 2 ' c e D
'
4 2 n a J
'
4 2 b e F
4 2 ' r a M
4 2 ' r p A
'
4 2 y a M
'
4 2 n u J
Longs
4 2
' l
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'
4 2 g u A
4 2 ' t p e S
4 2 ' t c O
'
4 2 v o N
4 2 ' c e D
'
5 2 n a J
'
5 2 b e F
Wire Rod Ex-Jharkhand
Rebar Ex-Delhi
3 2 ' r p A
'
3 2 y a M
'
3 2 n u J
3 2
' l
u J
'
3 2 g u A
3 2 ' t p e S
3 2 ' t c O
'
3 2 v o N
3 2 ' c e D
'
4 2 n a J
'
4 2 b e F
4 2 ' r a M
4 2 ' r p A
'
4 2 y a M
'
4 2 n u J
4 2
' l
u J
'
4 2 g u A
4 2 ' t p e S
4 2 ' t c O
'
4 2 v o N
4 2 ' c e D
'
5 2 n a J
'
5 2 b e F
SOURCE: Big Mint
STEEL AUTHORITY OF INDIA LIMITED
Operational Performance
PRODUCTION PERFORMANCE
All figures In Million Tonne
17.4
18.3
19.2
16.2
15.2
14.1
4.8
4.8
4.6
CRUDE STEEL PRODUCTION
FY 20
FY 21
FY 22
FY 23
FY 24
FY 25 (9M)
Q3 FY24
Q2 FY25
Q3 FY25
Annual
Quarterly
16.9
17.2
18.4
15.1
14.6
13.2
4.6
4.6
4.4
SALEABLE STEEL PRODUCTION
FY 20
FY 21
FY 22
FY 23
FY 24
FY 25 (9M)
Q3 FY24 Q2 FY25 Q3 FY25
PRODUCTION PERFORMANCE : FY’25
PRODUCT MIX : 5 ISPs
SAIL
50.4%
13.9%
35.7%
BSP
DSP
RSP
BSL
ISP
24.7%
66.2%
9.0%
53.0%
47.0%
100.0%
Flats
Longs
Semis
90.5%
9.5%
73.7%
26.3%
PRODUCTION PERFORMANCE : FY’25
CRUDE STEEL PRODUCTION BY PROCESS
1.4%
98.6%
0.7%
Ingot Route
CC Route
BOF
EAF
99.3%
SALEABLE STEEL PRODUCTION BY PROCESS
54.9%
45.1%
Commodity
Value Added
TECHNO-ECONOMIC PARAMETERS
Coke Rate: kg/thm
457
448
445
444
440
FY 20
FY 21
FY 22
FY 23
FY 24
CDI Rate: kg/thm
76
78
85
97
106
112
FY 20
FY 21
FY 22
FY 23
FY 24
FY 25 (9M)
425
FY 25 (9M)
Specific Energy Consumption: GCal/tcs
BF Productivity: T/m3/Day
6.47
6.48
6.36
6.35
6.30
6.31
1.80
1.81
1.79
1.97
1.84
1.88
FY 20
FY 21
FY 22
FY 23
FY 24
FY 25 (9M)
FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 (9M)
SALES PERFORMANCE
Annual
All figures In Million Tonne
14.2
14.9
16.2
16.2
17.0
12.5
Quarterly
3.8
4.1
4.4
FY 20
FY 21
FY 22
FY 23
FY 24
FY 25 (9M)
Q3 FY24
Q2 FY25
Q3 FY25
Sectoral Breakup
5 ISPs Sales - Product Mix
Plant Sales 2.8%
Exports 0.6%
Special Steels 1.1%
Galvanized Products 1%
CR Coils/Sheets 6%
Semis 8%
Others 0.1%
Structurals 9%
Bars & Rods 23%
CMO Home Sales 95.5%
Retail 7.6%
Non Retail 87.9%
HR Plates/Coils/She ets 29%
Rly Products 8%
PM Plates 15%
PET Products 1%
STEEL AUTHORITY OF INDIA LIMITED
Financial Performance
FINANCIAL PERFORMANCE
Rs. Crore (INDAS Compliant figures)
9M FY’24 9M FY’25
Q3 FY 24
Q2 FY 25
Q3 FY 25
Sales Turnover
76801
72595
23148
24498
24333
78211
73996
23524
24944
24854
Total Income
EBITDA
Depreciation
Finance Cost
PBT Before Exceptional Items
Exceptional Items
8451
7983
3922
1832
2698
-339
4126
2128
1728
-283
PBT After Exceptional Items
2359
1445
Tax
Profit After Tax
637
1722
475
970
2319
1321
614
384
76
461
129
331
3174
1304
758
1113
0
1113
279
834
2389
1420
679
289
29
318
192
126
FINANCIAL PERFORMANCE
8451
Profitability Trend (Rs. crore)
7983
EBITDA
PBT
PAT
2359
1722
1445
970
FY 24 (9M)
FY 25 (9M)
EBITDA Movement (Rs. crore)
4212
1570
656
5642
122
8451
170
7983
EBITDA 9M FY 24
Volume/Mix
Raw Material Usage
Input Price/Cost
Sales Price/NSR
Rail Price Adjustment
Others
EBITDA 9M FY 25
FINANCIAL PERFORMANCE
Quarterly Performance (Rs. crore)
3174
EBITDA
PBT
PAT
2319
2389
461
331
1113
834
318
126
Q3 FY 24
Q2 FY 25
Q3 FY 25
EBITDA Quarterly Movement (Rs. crore)
2082
443
198
155
2319
2497
2389
3174
1145
319
68
223
176
1631
2389
FINANCIAL PERFORMANCE
Borrowings (Non Ind AS)
35350
35659
35596
33907
30593
25662
43495
13386
Net Worth
52017
52139
54131
54075
54496
54623
Mar'21 Mar'22 Mar'23 Mar'24
Jun'24
Sept'24
Dec'24
Mar'21 Mar'22 Mar'23 Mar'24
June'24
Sept'24
Dec'24
Quarterly Interest
638
605
614
642
758
691
679
Debt-equity (times) (Non Ind AS)
0.81
0.66
0.65
0.62
0.57
0.49
0.26
Jun'23
Sept'23
Dec'23
Mar'24
Jun'24
Sept'24
Dec'24
Mar'21
Mar'22
Mar'23
Mar'24
Jun'24
Sept'24
Dec'24
Borrowings, Interest and Net Worth in Rs. crore
Abbreviations used
• • • • • • • • • • •
• •
•
• • • •
BF SMS BOF THF EAF BSP DSP RSP BSL SSP VISL
ASP CPLY
G.Cal/tcs
ISP HDGL CR HR
Blast Furnace Steel Melting Shop Basic Oxygen Furnace Twin Hearth Furnace Electric Arc Furnace Bhilai Steel Plant Durgapur Steel Plant Rourkela Steel Plant Bokaro Steel Limited Salem Steel Plant Visvesvaraya Iron & Steel Plant Alloy Steels Plant Corresponding Period Last Year Giga Calories per tonne of Crude Steel Integrated Steel Plant Hot Dip Galvanizing Line Cold Rolled Hot Rolled
• • •
• • • •
• • •
• • • • • •
FOB JPC Kg/thm
Tpd MT Mtpa EBITDA
PAT PBT RINL
CS CDI CC BOO GoI MOEF
Freight On Board Joint Plant Committee Kilo Gram Per Tonne of Hot Metal Tonnes Per Day Million Tonne Million Tonne Per Annum Earnings Before Interest, Taxes, Depreciation & Amortization. Profit After Tax Profit Before Tax Rashtriya Ispat Nigam Limited Crude Steel Coal Dust Injection Continuous Casting Build-Own-Operate Government of India Ministry of Environment & Forests
Disclaimer
Statements / Data which do not relate to SAIL and are used / made in this
presentation are from sources which are considered reliable and
Company cannot be held for its authenticity.
Further, statements describing the Company’s projections, estimates,
expectations are “forward looking statements” within the meaning of
applicable securities laws and regulations. Actual results may differ
materially from those expressed depending on the circumstances /
situations.
Major factors that could affect the Company’s operations include, among
others, economic conditions affecting demand / supply and prices in the
domestic and global markets in which the Company operates, changes in
Government regulations, tax laws and other statutes, etc.