Major Indian steelmaker JSW Steel (JSW) has announced its financial and operational results for the first half ended September 30 of the financial year 2016-17, posting a net profit of INR 17.54 billion ($262.9 million), compared to a net profit of INR 2.57 billion in the corresponding period of the previous financial year. In the given period, JSW's sales revenues increased by 14.8 percent to INR 253.78 billion ($3.8 billion), compared to the first half of the previous year.
During the first half of the current financial year, JSW Steel produced 7.85 million mt of crude steel, up 18 percent year on year, while achieving finished steel sales of 7.17 million mt, rising by 14 percent year on year.
According to JSW Steel, in the first half of the given financial year steel production in India increased at a faster rate than demand. In the period in question, the country’s crude steel production increased by 7.5 percent whereas apparent finished steel consumption in India rose by 3.6 percent, both year on year. At the same time, India’s steel imports declined by 35 percent compared to expectations of a 50 percent decline, despite the initiation of various trade remedial measures by the government. Accordingly, progress on effective trade remedial measures is imperative for the health of the industry, JSW Steel stated.