Major Indian steelmaker JSW Steel (JSW) has announced its financial and operational results for the first quarter ended June 30 of the financial year 2015-16, posting a net loss of INR 1.07 billion ($16.74 million), compared to a net profit of INR 6.56 billion in the same quarter of the previous financial year. In the given period, JSW's sales revenues decreased by 12.9 percent year on year to INR 113.8 billion ($1.78 billion).
During the given quarter, JSW Steel produced 3.4 million mt of crude steel, up ten percent year on year, while achieving finished steel sales of 3.11 million mt, rising by eight percent year on year.
In the first quarter of the financial year, the company strategically reduced share of exports to 14 percent of total sales and, despite intensifying competition due to imports, domestic sales saw a significant growth of 27 percent year on year to 2.66 million mt.
JSW Steel also pointed out that the Indian steel industry continues to suffer from a surge in imports at prices significantly lower than domestic prices in exporting countries, especially from China, South Korea and Japan. Consumption of domestically produced steel decreased by 0.4 percent in the first quarter of the current year, while India’s total steel imports increased by 57 percent, both year on year.