Major Indian steelmaker JSW Steel (JSW) has announced its financial and operational results for the first quarter ended on June 30, 2020.
In the first quarter, JSW Steel reported a net loss of INR 1.46 billion ($19.5 million), compared to net profit of INR 6.91 billion in the previous quarter. In the same period, JSW's net sales stood at INR 102.93 billion ($1.37 billion) amid weaker steel prices.
Despite halted production in April amid the national lockdown due to the coronavirus, the company produced 2.96 million mt of crude steel in the given quarter.
As domestic demand was subdued, JSW focused on the export markets to liquidate inventory and generate cash flows. During the first quarter, JSW’s total steel sales amounted to 2.80 million mt, down 25.3 percent, including 1.99 million mt of flat steel sales, down 25.46 percent, and 460,000 mt of long steel sales, down 50.53 percent, all year on year. In the given period, the company exported 1.58 million mt of steel products.
JSW stated that economic activities in India are rebounding after the easing of lockdown restrictions.