On January 20, Indian steelmaker JSW Steel Ltd. (JSW Steel) announced its financial results and operational highlights for the third quarter and for the first nine months (both ended December 31, 2009) of the Indian 2009-10 fiscal year.
Accordingly, in the third quarter, the company's crude steel output totaled 1.47 million metric tons, increasing by 88 percent year on year. The company also stated that its hot rolled coil production reached its highest quarterly level at 880,000 metric tons, equivalent to an annualized volume of 3.5 million metric tons. The HR production is expected to grow further, following the commissioning of the new hot strip mill by March 2010.
In the third quarter of the fiscal year, JSW Steel's sales of semi-finished products climbed by 353 percent, reaching 272,000 metric tons, while its flat steel sales amounted to 908,000 metric tons and its long steel sales to 245,000 metric tons, rising by 59 percent and 210 percent respectively, as compared to Q3 FY 2008-09.
Meanwhile, the steelmaker's crude steel output in the first nine months of the current fiscal year amounted to 4.39 million metric tons, rising by 59 percent compared to the corresponding period of the previous fiscal year. In the first nine months, JSW Steel's semi-finished sales totaled 988,000 metric tons, its flat steel sales 2.63 million metric tons and its long steel sales amounted to 579,000 metric tons, with year-on-year increase rates of 128 percent, 52 percent and 195 percent respectively.
On the other hand, according to the unaudited results, in the third fiscal quarter, JSW Steel's total income increased by 63.19 percent year on year, reaching Rupees 46.13 billion ($1.01 billion), while its net profit after tax totaled Rupees 7.18 billion ($156.26 million), compared to a net loss of Rupees 1.91 billion recorded in the year-ago period.
In the first nine months of FY 2009-10, the company's total income reached Rupees 131.09 billion ($2.85 billion), increasing by 21.05 percent year on year, and its net profit climbed by 219 percent reaching Rupees 13.06 billion ($284.13 million).