Indian steelmaker JSW Steel has issued its financial results for the first quarter of 2010, stating that demand continued to increase during the period in question.
Net income was Rupees 6.1 billion ($137 million) in the three months ended March 31, compared with a net loss of Rupees 399.3 million a year earlier. The company also pointed out that the net sales jumped by 58 percent to Rupees 51.17 billion ($1.17 billion) from Rupees 37.7 billion in the corresponding period of 2009.
During the quarter crude and sellable steel production levels hit the 1.6 and 1.5 million mt marks respectively, the highest-ever quarterly production levels reached by the company.
For the year ended March 31, 2010, the company reported a five-fold jump in net profit to Rupees 1.59 billion ($35.7 million) compared to the previous fiscal year. Net sales during the period in question increased by 30 percent year on year to Rupees 180.2 billion ($4.05 billion).
JSW plans to acquire US coking coal assets with resources of 123 million mt worth $100 million, the company said in a statement. Production may start in West Virginia at 1 million mt a year and increase to 3 million mt by the third year, the company said.