Indian steelmaker JSW Steel has issued its financial results for the last quarter of 2010 or the third Indian fiscal quarter, stating that it has achieved its highest-ever quarterly sales.
Net sales jumped by 26 percent year on year to INR 57.71 billion ($1.26 billion) in the last quarter of 2010. Net income was INR 3.82 billion (83.6 million) and EBITDA was INR 10.08 billion ($220.5 million) in the three months ended December 31.
During the quarter in question, semis, flats and longs sales levels were 77,000 mt, 1.24 million mt and 276,000 mt, decreasing 72 percent, increasing 13 percent and rising 12 percent year on year, respectively. The company produced 1.64 million mt of crude steel with an 11 percent rise over the previous corresponding quarter.
The company said that the increase in flat rolled product output was due to additional production from the first phase of the newly-established hot strip mill in Vijayanagar, India that commenced production in April 2010. JSW Steel said that its domestic sales in the quarter in question constitute 88 percent of its total sales, up 84 percent year on year, in line with the policy of focusing on the domestic market.