JSW Steel sees net loss in June quarter

Major Indian steelmaker JSW Steel (JSW) has announced its financial and operational results for the first quarter ended June 30 of the financial year 2013-14, posting a net loss of INR 3.81 billion ($62.82 million), compared to a net profit of INR 2.95 billion in the same period of the previous year. In the first quarter of FY 2013-14, JSW's net sales value increased by 2.95 percent to INR 101.4 billion ($1.67 billion) as compared to the same quarter of the previous year.
 
In the first three months of the current financial year, JSW produced 2.86 million mt of crude steel, up 34 percent year on year. In the given quarter, JSW saw a 26 percent increase in its flat rolled production and an eight percent fall in its long rolled product output, both compared to the same quarter of the previous year. In the first quarter, JSW produced 2.11 million mt of flat rolled steel and 420,000 mt of long steel.
 
According to JSW Steel, the global economic recovery remains sluggish. Though the US and Japan appear to be witnessing an improvement, the Euro zone remains in recession with continued fiscal tightening and sovereign debt issues. China's growth trajectory is calibrating to a slower pace, without showing signs of a potential hard landing.