Major Indian steelmaker
JSW Steel (JSW) has announced its financial and operational results for the third quarter ended December 31 of the financial year 2013-14, posting a net profit of INR 4.66 billion ($74.07 million), compared to a net loss of INR 737 million in the same period of the previous year. In the third quarter of FY 2013-14, JSW reported its highest-ever quarterly sales of INR 143.6 billion ($2.3 billion), up 47.8 percent compared to the same quarter of the previous year.
In the third quarter of the current financial year, JSW registered its highest-ever crude steel production, producing 3.19 million mt of crude steel, up 52 percent year on year. In the given quarter, JSW saw a 53 percent increase in its flat rolled production and one percent growth in its long rolled product output, both compared to the same quarter of the previous year. In the third quarter this year, JSW produced 2.54 million mt of flat rolled steel and 430,000 mt of long steel. In the given quarter, JSW's steel exports amounted to 1 million mt, its highest-ever export volume, accounting for approximately 60 percent of
India's overall steel exports.
According to
JSW Steel,
India's crude steel production during the first nine months of the financial year 2013-14 rose by 4.8 percent to 60.8 million mt with apparent finished steel consumption up by 0.7 percent to 54.7 million mt. In the given period, apparent demand for flat rolled products declined by 1.9 percent, while long rolled product demand increased by 2.8 percent, both year on year. With steel exports surging on the back of improving demand in developed markets and the rupee's depreciation enhancing export competitiveness of Indian steel mills,
India became a net steel exporter in the third quarter of the current financial year.