Major Indian steelmaker JSW Steel (JSW) has announced its financial and operational results for the third quarter ended December 31 of the financial year 2015-16, posting a net loss of INR 41.42 billion ($610.37 million), compared to a net profit of INR 4.15 billion in the corresponding period of the previous financial year. In the given period, JSW's sales revenues decreased by 36.28 percent to INR 72.07 billion ($1.06 billion), compared to the same quarter of the previous year.
During the given quarter, JSW Steel produced 2.70 million mt of crude steel, down 15 percent year on year, while achieving finished steel sales of 2.55 million mt, declining by 16 percent year on year.
According to JSW Steel, the domestic steel industry continues to suffer from rising imports, especially from China, Japan and South Korea. During the first nine months of the financial year 2015-16, consumption of domestically produced steel fell by 1.2 percent, as total steel imports surged by 29 percent, both year on year. Finished steel exports also decreased by 30 percent year on year in the first nine months. The Indian steel industry is grappling with the headwinds of an insipid demand, excess supply and pricing pressure driven by a surge in imports at predatory pricing. This necessitates urgent and adequate measures to check unbridled and unfair imports of steel, JSW Steel stated.