JSW Steel reports $75 million net profit in Q2 2010

Tuesday, 27 July 2010 14:43:58 (GMT+2)

Indian steelmaker JSW Steel has issued its financial results for the second quarter of 2010, stating that demand and production continued to increase during the period in question.

Net income was Rupees 3.5 billion ($75 million) in the three months ended June 30, increasing by three percent year on year from Rupees 3.4 billion in the second quarter of 2009. The company also pointed out that net sales jumped by 21 percent to Rupees 46.65 billion in the second quarter of 2010 ($999.3 million) compared to the corresponding period of 2009.

During the quarter in question, crude steel production hit the 1.57 million mt mark, growing by 14 percent year on year.

The company said that, as real demand for steel products remained intact due to encouraging overall economic activity in the world coupled with the pick-up in iron ore prices, steel prices are expected to be stable.

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