MUMBAI (Commodity Online): Leading steel companies witnessed increased buoyancy on the back of strong earnings for second quarter and future outlook from South Korea’s steel major Posco.

Sectoral index, BSE Metals was trading up amid weak market sentiments. The index was up by 0.76% to 15,705 points, while benchmark index, Sensex was trading at 17095 points down by 0.8% from its previous close.

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Steel majors like JSW Steel Ltd was up 0.28% to Rs.915, Ispat Industries Ltd was trading up by 0.63% to Rs.23.90, Tata Steel Ltd gained 1.22% to Rs.578.50, Bhushan Steel was up 2.10% to Rs.1350, Steel Authority of India (Sail) was up 2.34% to Rs.183.90 and Jindal Steel & Power traded at Rs.690.50 up by over 3%.

JSW Steel outperformed the market over past one quarter, surging 72.18% as compared to the Sensex's return of 24.38%, whereas Tata Steel outperformed the market gaining 59.56% as compared to the Sensex during the given period.

Posco, the world's No.4 steel maker, on Wednesday, 14 October 2009, raised its full-year profit forecast by 23%, adding to evidence that the worst for the steel market is over. Operating profit may reach 3.2 trillion won (USD 2.7 billion) for the year, up from an earlier forecast of 2.6 trillion won, the company said in a statement. Posco posted a less-than-expected 6.2% fall in third-quarter profit.

The World Steel Association said on 12 October 2009 that the global market will rebound 9.2% in calendar year 2010.

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