Thai Steel Company's Revenue Forecast Revised a Second Time.

Byline: Busrin Treerapongpichit

Aug. 3--The troubled Sahaviriya Steel Industries Plc has revised its revenue forecast for the second time this year, after posting a net loss of 12.4 million baht on second-quarter operations.

Revenue was estimated early this year at 16 billion baht and was first revised downward to 13 billion baht in the first quarter.

President Adisak Lowjan attributed the revisions to the dumping of cheaper foreign steel in Thailand and slow exports to the United States, where a long anti-dumping investigation involving producers from several countries is expected to conclude by September.

He said the dumping problem in Thailand had been left unsolved for years and had become worse since early this year, adversely affecting the company's operations.

Steel prices have also been falling steadily, from US$292 a ton in the first quarter last year to $232 in the second quarter this year due to the world oversupply, which has led to the widespread dumping.

However, Mr Adisak said he hoped operating results in the second half would be the same as or slightly higher than the first half because the foreign dumping should slow down, given large stocks of steel now on hand.