Tata Steel Misses Q1 Profit Views as Costs Take Toil; Peers Move Lower (X) (AKS) (MT)

Steelers are lower following data from peer Tata Steel on Monday morning, showing first-quarter 2013 results succumbed to a little profit crunching.

According to the company, sales rose just 1.9 percent to 335.48 billion rupees, from 329.26 billion rupees in the same period last year.

Despite the rise in sales, consolidated net profit fell from 53.47 billion rupees to just 5.98 billion rupees as costs rose nearly 7 percent in the period. The Street's GAAP profit estimate was 6.17 billion rupees.

Bloomberg noted that raw material costs were just about flat at 115.8 billion rupees.

Crude steel production rose 1.7 percent in the first-quarter to 1.82 million tons.

Peers are lower on the session following results:

• US Steel (NYSE: X) is down 0.5 percent;
  
• Nucor Corp. (NYSE: NUE) is down 0.4 percent;
  
• Steel Dynamics (Nasdaq: STLD) is 0.7 percent lower;
  
• ArcelorMittal (NYSE: MT) is 0.4 percent lower; and
  
• AK Steel (NYSE: AKS) is down 0.8 percent.

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