JSW Steel’s September quarter results slip into red

Thursday, 31 October 2013 12:40:43 (GMT+3)   |   Istanbul
       

Major Indian steelmaker JSW Steel (JSW) has announced its financial and operational results for the second quarter ended September 30 of the financial year 2013-14, posting a net loss of INR 1.15 billion ($18.7 million), compared to a net profit of INR 6.9 billion in the same period of the previous year. In the second quarter of FY 2013-14, JSW reported its highest-ever quarterly sales of INR 138.6 billion ($2.25 billion), up 35 percent compared to the same quarter of the previous year.
 
In the second quarter of the current financial year, JSW produced 2.98 million mt of crude steel, up 37 percent year on year. In the given quarter, JSW saw a 56 percent increase in its flat rolled production and 14 percent growth in its long rolled product output, both compared to the same quarter of the previous year. In the second quarter this year, JSW produced 2.6 million mt of flat rolled steel and 460,000 mt of long steel.
 
According to JSW Steel, Indian steel demand for the second quarter remained flattish with just 1.3 percent year-on-year growth. However, net imports have come down significantly resulting in an improvement in steel prices. Higher rural spending on the back of a good monsoon and an expected uptick in the investment cycle driven by the push made by India's Cabinet Committee on Investment is likely to support an improvement in steel demand growth in the second half of the current financial year.
 
Meanwhile, JSW Steel also stated that its auto grade steel rolling plant, which is India's largest, rolled its first coil on October 19 at the Vijayanagar works.

Similar articles

Major steel and raw material futures prices in China - March 28, 2024

28 Mar | Longs and Billet

MOC: Average steel prices in China down slightly during Mar 18-24

28 Mar | Steel News

Major steel and raw material futures prices in China - March 27, 2024

27 Mar | Longs and Billet

Japanese crude steel output down 3.8 percent in February from January

27 Mar | Steel News

Some EU flat steel import quotas about to be exhausted near end of period

26 Mar | Steel News

Major steel and raw material futures prices in China - March 26, 2024

26 Mar | Longs and Billet

Ukraine’s flat steel exports up 323.4 percent in Jan-Feb

25 Mar | Steel News

Major steel and raw material futures prices in China - March 25, 2024

25 Mar | Longs and Billet

Stocks of main finished steel products in China down 0.6 percent in mid-March

25 Mar | Steel News

Major steel and raw material futures prices in China – March 22, 2024 

22 Mar | Longs and Billet