Indian steelmaker Jindal Steel and Power Ltd (JSPL) has issued its consolidated financial results for the second quarter of 2010, stating that demand and production continued to increase during the period in question.
Net income was Rupees 9.56 billion ($206 million) in the three months ended June 30, decreasing by three percent year on year from Rupees 9.88 billion in the second quarter of 2009. The company also pointed out that net sales jumped by nine percent to Rupees 30 billion ($649 million) in the second quarter of 2010 compared to 27.61 billion in the corresponding period of 2009.
JSPL took over the Shadeed Iron and Steel Company LLC (SISCO) in June 2010, the company pointed out, adding that SISCO is setting up the plant for 1.5 million mt per year gas-based DRI, and is expected to commence commercial operations in the first quarter of FY 2011‐2012. The acquisition was funded by $425 million of debt plus $100 million from the company's own resources.