Major Indian steelmaker
JSW Steel (
JSW) has announced its financial and operational results for the first half ended September 30 of the financial year 2014-15, posting a net profit of INR 15.6 billion ($254.4 million), compared to a net loss of INR 1.2 billion in the corresponding period of the previous financial year. In the given period,
JSW's sales revenues increased by 13.2 percent to INR 232.6 billion ($3.8 billion), compared to the first half of the previous year.
During the first half,
JSW Steel produced 6.4 million mt of crude steel, registering an annual growth of 10 percent, while achieving finished steel sales of 5.94 million mt, rising by five percent year on year.
JSW Steel stated that in the given period the company produced and sold registered 410,000 mt of galvanized and galvalume products, while its iron ore mines in Chile produced and shipped 220,000 mt of iron ore concentrate during the first half.
According to
JSW Steel, the Indian iron ore market has remained divergent to global trends. In contrast to declining prices in international markets, domestic iron ore prices remain sticky and elevated with constrained supply. The Indian steel industry has to consequently resort to imports as an alternate source.