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Bhushan Steel said on Saturday its standalone net loss has narrowed to Rs 656.21 crore for the quarter ended June 30, 2016. The firm had reported a net loss of Rs 728.16 crore in the year-ago period, it said in a BSE filing. Total standalone income of the company rose marginally to Rs 3,364.95 crore in April-June quarter this fiscal from Rs 3,308.14 crore during the same quarter in 2015-16. Its expenses were lower at Rs 2,852.65 crore from Rs 3,026.57 crore during the period under review. In the January-March quarter of 2015-16, the embattled firm's net loss had widened to Rs 670.47 crore against a net loss of Rs 360.77 crore in the year-ago period. Total standalone income was higher at Rs 3,108.35 crore in the January-March quarter of last financial year from Rs 2,419.91 crore during the same quarter of 2014-15. In March, the firm received the environment clearance for a Rs 3,000 crore project to set up a pellet unit with a production capacity of 7 million tonnes per annum (MTPA) in Odisha.