Net profit after tax 52.91 billion rupees ($700.46 million), down 35% year on year.

Earnings before interest, taxes, depreciation and amortization (Ebitda) 57.77 billion rupees ($764.79 million), down 4% year on year.

The last time output fell to a similar level was in June 2009, when the output was 2.60 million tonnes, WV Stahl added.

Eastern China (Shanghai): 3,520-3,550 yuan ($493-498) per tonne, down by 20 yuan per tonne.

China ferrosilicon (¡Ü55%) exports in April.

Steelmaker ArcelorMittal is to receive a €75 million ($82 million) loan from the European Investment Bank (EIB) to be used on its projects intended to reduce carbon emissions.

But output was unaffected, the company said.

CIS export slab prices have continued to climb in the second half of May, supported by Turkish customers accepting higher-priced deals.