Major Indian steelmaker JSW Steel (JSW) has announced its financial and operational results for the third quarter ended December 31 of the financial year 2016-17, posting a net profit of INR 8.19 billion ($121 million), compared to a net loss of INR 41.54 billion in the corresponding period of the previous financial year. In the given period, JSW's sales revenues increased by 79 percent to INR 144.55 billion ($2.13 billion), compared to the same quarter of the previous year.
During the given quarter, JSW Steel produced 3.86 million mt of crude steel, up 43 percent year on year, while achieving finished steel sales of 3.65 million mt, rising by 43 percent year on year.
In the given quarter, JSW Steel focused on enriching its product mix and increased its value-added and special product sales, which rose by 38 percent year on year.
According to JSW Steel, rising steel imports in Indian are a cause of concern as domestic steel demand remains weak. The surge in steel imports necessitates a serious relook at trade remedial measures for an appropriate revision to stem the surge in imports, it added.